Colliers International has negotiated the $36,750,000 sale of a fully-occupied 377,100-square-foot industrial building in the Inland Empire community of Eastvale, establishing a new record in the process, company officials have reported.

The price set a new and higher level of per-square-foot pricing for Class A industrial properties in the Inland Empire, according to Executive Vice President Ian DeVries who, along with Associate Chris DeVries, represented the seller, Boston-headquartered TA Realty Fund IX. CBRE Vice Chairman Darla Longo, Vice Chairman Barbara Emmons, and Vice President Rebecca Perlmutter Finkel also provided market support to the seller.

Lennox International (NYSE:LLI), the global and publicly-listed heating/ventilation/air conditioning firm (HVAC), is the sole occupant of the building, which it uses for warehousing and distribution. The company’s current lease agreement expires in 2020, according to DeVries, who has had a long-term relationship with the property owner. In addition to this latest transaction, he negotiated the purchase of the building in 2010 and handled leasing of the property in 2011.

“With the economy strengthening and vacancies at record low levels throughout the Inland Empire, this was a smart investment transaction for both the buyer and for the seller,” he said. “There is room for about a 15 percent growth in the rental rates over time, which was one of several factors the investor considered during the purchase process. Another important factor was the low 4 percent cap rate, which was due to the fact that the building is occupied by a credit tenant at below-market rents with six years remaining on the lease.”

In addition, the expected growth capacity for future rental rates, the Class A building’s central location, and the decided lack of, and heavy demand for, buildings in this size range, also played crucial roles for the investor in the purchase.