Lincoln Property Company Acquires Bellegrave Business Park in Southern California's Inland Empire West

JURUPA VALLEY, Calif. — Sept. 23, 2026 — Lincoln Property Company has acquired Bellegrave Business Park, a six-building industrial park at 10290–10317 Birtcher Drive in Jurupa Valley, California, the firm announced. The acquisition was made on behalf of one of Lincoln's separate account clients and adds scale to the company's presence in the Inland Empire West, one of Southern California's primary logistics corridors.

Property Overview

Bellegrave Business Park spans approximately 18.5 acres and comprises six standalone industrial buildings ranging from roughly 35,000 to 72,000 square feet, with an average building size of approximately 54,500 square feet. The property was built in 2009 and is currently 100% leased to six tenants, with a weighted average lease term of approximately 1.9 years. Each building features secure loading and yard areas and can be combined to accommodate evolving tenant requirements.

The park is situated near Interstates 10 and 15 and State Route 60, as well as Ontario International Airport, providing access to major transportation routes throughout Southern California. Lincoln described the location as well-positioned within a high-barrier logistics market where most new development has concentrated on larger distribution facilities, leaving mid-bay freestanding product in limited supply.

What Lincoln's Executives Said

"Bellegrave Business Park fits squarely within our strategy of acquiring functional, well-located logistics product in supply-constrained markets where we can create long-term value," said Sean Perrier, Vice President, Industrial Acquisitions at Lincoln. "The park gives us meaningful scale in the Inland Empire West and exposure to the mid-bay freestanding segment, where limited new supply continues to meet deep, durable user demand."

Rob Kane, Senior Executive Vice President at Lincoln, added that the property's configuration sets it apart from competing inventory. "Its combination of standalone buildings, private yards and flexible loading configurations creates a highly functional offering for tenants, and we believe those characteristics will continue to differentiate the property over the long term," Kane said.

Inland Empire Market Context

The acquisition comes at a moment of transition for the Inland Empire industrial market. Vacancy in the submarket reached 7.8% in the first quarter of 2026, while the market recorded 4.7 million square feet of negative net absorption during the same period. Average asking rents in the Inland Empire West were approximately $1.10 per square foot, compared with roughly $0.90 per square foot in the Inland Empire East. A separate market estimate placed broader Inland Empire vacancy at 8.82% in Q1 2026, with availability at 12.31% and average asking rent at $1.30 per square foot, down approximately 10.9% year over year — figures that reflect differing market boundary definitions and measurement methodologies but point in a consistent direction: vacancy and availability have risen while rent growth has softened.

For context, Los Angeles County's industrial market reported 4.2% vacancy in the second quarter of 2026 with average asking rent of $1.32 per square foot per month, illustrating the relative tightness of coastal industrial space compared with the Inland Empire. Investor pricing in the Inland Empire has varied, with reported cap rates ranging from approximately 4.8% to 5.6% depending on asset quality and submarket.

Lincoln's acquisition of a multi-tenant, mid-bay cluster gives the firm exposure to a broader range of tenants — including contractors, light manufacturers, distributors and service businesses — compared with a single large-box distribution facility. The six-building format requires active leasing and property management, as smaller tenants typically carry shorter lease terms and greater sensitivity to operating costs, factors that are relevant given the park's weighted average lease term of approximately 1.9 years.

About Lincoln Property Company

Lincoln Property Company is one of the largest private real estate firms in the United States, offering a fully integrated platform of real estate services across asset types including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, higher education, sports and entertainment, and mixed-use properties. The firm operates throughout the United States, the United Kingdom and Europe. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space.