MDH Partners Buys Nuveen Warehouse in Chino

MDH Partners is adding an industrial property in the Inland Empire to its nationwide holdings.

The Atlanta-based firm acquired 13880 Monte Vista Avenue in Chino for $105 million, or roughly $256 per square foot for the 410,000-square-foot property. Commercial Observer reported. A Nuveen affiliate sold the warehouse to MDH.

The warehouse traded hands as part of a seven-property industrial portfolio deal spanning four states. The other properties in the deal are in Carrollton, Texas; Murfreesboro, Tennessee; and Salt Lake City, Utah. The properties together span 1.6 million square feet and are 91 percent leased to 13 tenants.

The Chino warehouse is one of MDH’s new “institutional-quality and highly functional multi-tenant buildings” in a market it expects to “outperform over the long-term,” said Joe DeHaven, president of acquisitions at MDH.

The Inland Empire has attracted top prices for manufacturing, distribution and logistics facilities over the past decade.

Last month, Santa Fe Springs-based investment and management firm Orden Company bought a 257,000-square-foot warehouse and office property in Ontario for $57 million.

In December, Overton Moore Properties purchased a nearly 526,000-square-foot distribution center in San Bernardino from Brookfield Properties for more than $120 million, Commercial Observer reported.

A month before that, Bridge Investment Group’s industrial arm Bridge Logistics Properties purchased a 1.1-million-square-foot warehouse in Fontana for $174 million. That transaction added to Bridge’s Fontana holdings, having purchased three other industrial buildings in the city for $83.5 million last July.

MDH Partners has been active outside the Inland Empire market in recent months.

Last fall, the Atlanta-based investment firm acquired nine Class A light industrial buildings in Houston for $93 million, Commercial Property Executive reported. The properties span 563,000 square feet. MDH made the purchase through its Fund III, a $1.2 billion discretionary fund targeting assets in the Southeast and Southwest.

— Chris Malone Méndez