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6/03/16
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The Rockefeller Group has purchased a 19-acre redevelopment site in San Bernardino that currently contains a single, 225k sf industrial building. The property, located at 1333 South Tippecanoe Ave, will be redeveloped into two state-of-the-art, industrial distribution buildings totaling approximately 415k sf.
The first building, a 333.2k sf, cross-dock distribution facility, will be marketed to single-tenant users but could be divisible to accommodate smaller tenants. The second structure, an 81.7k sf, front-loading building, is ideal for a single tenant who will use the space for storage and distribution.
The new project will meet the continued strong demand for prime distribution space in the Inland Empire. The seller was CT Realty.
“The Rockefeller Group’s purchase of the Tippecanoe Avenue property is in line with our industrial strategy of acquiring and developing strategically located properties in U.S. inland distribution hubs,” said James V. Camp, Senior Vice President and Regional Development Officer for The Rockefeller Group’s West Region. “The Inland Empire, specifically, is a key gateway for distribution and we are confident our project will meet tenant demand.”
Recently, The Rockefeller Group and its partners have completed industrial, office, residential and retail projects in Arizona, California, Florida, New Jersey and South Carolina. In addition, the firm has projects under construction in Arizona, New York and New Jersey. With the acquisition of the San Bernardino property, the company has expanded its industrial development pipeline in recent months to Southern California, Georgia and Pennsylvania, where the company has additional projects in the planning phase.
Over the past 24 months, industrial projects completed by The Rockefeller Group include the 615k sf North American headquarters and distribution facility for Goya Foods in Jersey City, N.J., and the 477k sf distribution facility for Gerber Childrenswear in Charleston, S.C.
Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall and Andrew Briner of CBRE arranged the transaction on behalf of the seller.
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