Miramar Capital Pays $86M for Inland Empire Industrial Park
CBRE arranged the sale of the three-building property.
Miramar Capital has purchased Serrano Industrial Park, a three-building, Class A campus totaling 332,725 square feet in Jurupa Valley, Calif., for $86 million. CBRE negotiated on behalf of the seller, PreZero.
Completed in 2019, the manufacturing buildings are at 4350, 4388 and 4420 Serrano Drive. Collectively, they feature 28 dock-high and three grade-level doors, 30- to 32-foot clear heights, heavy power and fully secure concrete truck courts.
The industrial park is zoned specifically for manufacturing—not distribution—and has conditional use permits for recycling of various materials and the handling of organic waste, according to listing information from CBRE.
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PreZero originally occupied the entire property, but now occupies just the asset’s largest building at 4420 Serrano Drive, Miramar Managing Partner Peter Eichler told Commercial Property Executive.
The property is in the northwest corner of Riverside County, in the Inland Empire West submarket. The location has easy access to State Route 60, Interstate 15 and the San Pedro Bay Port complex; it also is 7 miles from Ontario International Airport.
Joe Cesta and Darla Longo of CBRE National Partners, along with Erik Wanland, represented PreZero in the transaction. Cesta noted that demand in the Inland Empire is substantial for industrial facilities that can support manufacturing tenants that require heavy power.
Healthy variety
The Inland Empire currently enjoys the nation’s highest five-year asking rent growth forecast, with 28.9 percent growth projected from this year to 2029, according to CBRE Econometric Advisors.
In addition, the Inland Empire West saw 8.7 million square feet of net absorption in 2024, even as total square footage under construction fell by 64 percent year-over-year.
One of the underway projects is Schaefer Logistics Center. Developed by Lovett Industrial, the facility will come online in Chino, Calif., also in the Inland Empire West submarket.
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