Alere Property Acquires Inland Empire Business Park

Saddle Ranch Business Park. Image courtesy of Alere Property Group

Calling it a strategic acquisition in the Inland Empire West industrial submarket, Alere Property Group has acquired the four-building, 422,000-square-foot, Class A, Saddle Ranch Business Park in Norco, Calif., from CapRock Partners, a Newport Beach, Calif.,-based industrial real estate investment and development firm.

The sales price for the industrial warehouse complex fully leased by Goli Nutrition was not disclosed. Goli, a vitamin and nutrition company, has leased the multi-building campus for its manufacturing and distribution operations since May 2020. Goli also uses the business park as its corporate headquarters and has invested significant capital to customize the buildings for its product manufacturing and has installed a high-end cafeteria and commercial-grade kitchen, among other improvements.

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Built in 2019 on nearly 23 acres, Saddle Ranch Business Park consists of four buildings at 3330, 3350, 3380 and 3390 Horseless Carriage Drive, according to CommercialEdge. 3330 Horseless Carriage Drive has 95,122 square feet of space and 30-foot clear height. 3350 Horseless Carriage Drive has 87,930 square feet of space. 3380 Horseless Carriage Drive has 80,961 square feet of space and 30-foot clear height. 3390 Horseless Carriage Drive has 158,419 square feet of space and 32-foot clear height.

The business park is less than a mile from the I-15 freeway and near the SR-91, I-215, SR-60 and I-10 freeways. The site is also within close proximity to rail lines and airports including the Ontario International Airport and Los Angeles International Airport.

The Inland Empire West location is desirable for tenants requiring efficient access to Los Angeles and Orange counties, the San Gabriel Valley and the mid-counties region in California. It is also near the cities of Ontario, Eastvale, Chino Hills, Chino, Corona and Riverside, all in the Inland Empire West submarket. The cities of Norco and Corona make up a key distribution infill market with limited remaining developable land.

Growing Alere

Alan Carmichael, senior vice president of investments at Alere Property Group, said in a prepared statement the business park is a well-designed and uniquely positioned asset within the Inland Empire West submarket that complement’s Alere’s approach and is an excellent addition to the Newport Beach, Calif.,-based company’s portfolio of high-quality industrial assets.

Carmichael also said that the Norco/Corona submarket continues to fill in with robust economic activity. He noted that in addition to meeting the demand for the e-commerce sector, the Inland Empire is also providing space for Southern California-based manufacturing companies that are also growing and need modern industrial facilities.

Founded in 2003, the real estate investment and development firm has a portfolio of more than 30 million square feet of industrial properties valued at approximately $6.3 billion.

Late last month, Alere began construction on two industrial warehouse projects with a total of 12 buildings and 626,000 square feet in separate locations in Chino in the Inland Empire West. The larger of the two developments is Euclid Industrial Park, which will have 360,000 square feet spanning eight buildings. The smaller project is Chino Commerce Park, a four-building, 266,348-square-foot development that will be anchored by a 210,747-square-foot distribution warehouse. In June, Alere broke ground on South Cucamonga Distribution Center, a 210,703-square-foot speculative warehouse in Ontario.

CBRE represented Alere and CapRock in the Saddle Ranch transaction, led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. A Lee & Associates team that included Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart consulted on the deal.