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January 23, 2019
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TA Realty Buys 147k sf Inland Empire Facility from Newcastle Partners in $16.3 Mil Deal


TA Realty, LLC has acquired Harley Knox Logistics Center, a 147k sf, Class A industrial facility in Perris, for $16.35 mil ($111/sf). The property, located at 17610 Harvill Ave, is fully occupied by Hardwoods Specialty Products on a long-term lease.

With construction completed in September 2017, Harley Knox Logistics Center is situated on 8.21 acres and features 104 parking stalls, 26 loading docks, 32” clear height, and a 160’ truck court. Corporate neighbors include Kraft Foods, Amazon, Lowes, Home Depot and a host of other Fortune 500 companies. The facility also offers direct access to the freeway via the Harley Knox Blvd. on/off-ramp and has identity and clear visibility from the 215 Freeway.

Founded in 1926, the building’s tenant, Hardwood Specialty Products, is the premier distributor of hardwood veneers, plywood and solid lumber products, MDF, melamine, particleboard and specialty products in North America. The company moved into the facility in January 2017 for warehousing, distribution and will-call pick up uses.

The property was sold by San Francisco-based Newcastle Partners, who was repped in the deal by Jeff Chiate and Mike Adey with Cushman & Wakefield. TA Realty represented itself in the transaction.

“This project far exceeded our expectations. With an irreplaceable freeway visible location and a high quality long term tenant in place we received over a dozen offers to purchase the project. We set a new high-water mark in terms of price per square foot in this size category in the Inland Empire,” said Jackson Smith, Partner with Newcastle Partners.

Newcastle Partners has developed more than 6 msf of industrial product in the Inland Empire region over the past seven years and currently has over 2 msf under development or in pre-development stages.

“Institutional capital is looking now more than ever to make an investment in the Inland Empire region as a result of the increased tenant demand based mainly upon e-commerce fulfillment centers,” said Dennis Higgs, Managing Partner with Newcastle Partners. “The demand has been unprecedented with mind-boggling land value and rental rate increases.”

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