REAL ESTATE: Hillwood, investment partner buy in Rialto

Hillwood Investment Properties, one of San Bernardino County’s more active commercial developers, has teamed with an investment partner to purchase the South Rialto Logistics Center, a 328,691-square-foot property.

Hillwood has teamed with Brookfield Asset Management, and the two companies have a partnership that intends to invest as much as $1 billion in industrial properties in the next three years, according to a statement.

The purchase price of this property was not disclosed.

The Rialto property is on Riverside Avenue and includes about nine vacant acres for additional development. Hillwood is now seeking a tenant. California Public Employees Retirement System, or CalPERS, was the seller.

Ontario food distribution center sells for $8.3 million

An Ontario food distribution facility currently leased by a seafood company has been sold for slightly more than $8.3 million, according to a statement.

The 103,000-square-foot building was purchased by Industrial Income Trust, a Denver-based real estate investment trust that was represented by Colliers international. The seller was The Caldwell Co.

The building is on Concours Street, a little north of Interstate 10 and east of Interstate 15. Nearly two-thirds of the facility is refrigerated.

Lease-back deal for Ontario manufacturing company

Rexford Industrial, a Los Angeles-based real estate investment trust, has purchased two side-by-side Ontario manufacturing buildings and is leasing them back to the former owner, according to a statement.

The 8.93 acres is close to Ontario International Airport and occupied by Plastics Research Corp. According to a statement, Plastics Research is selling the Campus Avenue property but made a 10-year commitment to lease and occupy 100 percent off it.

The sales price of the all-cash deal was not disclosed. Rexford Industrial has a portfolio of 1.2-million square feet and is stabilized and leased properties.

Rancho Cucamonga care center sold

Kindred Hospital Rancho, a 55-bed long-tern acute care facility and medical office, has been sold for an undisclosed price, according to a statement. The Rancho Cucamonga nursing home is on White Oak Avenue.

Pacific Health Realty is the seller, but in the statement, Colliers International, which represented the seller, called Kindred Healthcare one of the strongest operators in the long-term care industry. The medical care company is the buyer and is expected to remain at this location.

The three-story hospital, built in 1996, has an attached three-story medical office building.

Source: http://www.pe.com/business/business-columns/commercial-real-estate-headlines/20120409-real-estate-hillwood-investment-partner-buy-in-rialto.ece