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RIVERSIDE, Calif., Oct. 31, 2016 – Commercial real estate services firm Cushman & Wakefield has orchestrated the $51.6 million trade of Alessandro Business Center in Riverside. Industrial Property Trust acquired the 30-acre, 582,000-square-foot core industrial asset from Western Realco/Cigna.

The Alessandro Business Center offering drew significant interest, according to Cushman & Wakefield’s Jeff Chiate, who headed the marketing team with colleagues Jeff Cole and Chuck Belden, along with James Panting of Commercial Realty Advisors. “Alessandro Business Center is a fully leased, LEED-certified industrial property,” he said. “These factors and a prime location in the heart of the Inland Empire – one of the most desirable industrial submarkets in the nation – made it a desirable investment target.”

Located at 7295 San Gorgonio Drive, Alessandro Business Center is fully occupied on a long-term basis by Ascena Retail Group (NASDAQ: ASNA), which operates major apparel brands such as Ann Taylor, LOFT, Justice and Lane Bryant. The institutional-quality, 32-foot clear dock-high industrial facility was built in 2014 and is LEED Gold certified. The property offers an excellent industrial tenant location near the intersection of the Interstate 215 and SR-60 (Moreno Valley) freeways, 25 minutes east of Ontario International Airport.

Chiate noted that the Inland Empire East industrial market experienced record-breaking occupancy gains in 2014, with more than 12.3 million square feet absorbed. This trend continued in 2015 with 8.1 million square feet of occupancy gains. The vacancy rate had dropped to 7.7 percent at mid-year 2016.

“Strong market fundamentals and a continuing e-commerce backdrop have created more interest from institutional capital than we have ever seen in the Southern California market,” he said. “Inland Empire opportunities, in particular, are trading well as investors look to establish and grow their presence in a region with significant barriers to entry and limited new development options.”

Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management and industrial consulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million square feet with an aggregate value in excess of $6.2 billion.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contact:
Evelyn Weiss Francisco
Vice President
Caryl Communications
201-796-7788
evelyn@caryl.com