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October 23, 2018
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Invesco Real Estate Completes 500k sf Inland Empire Industrial Buy

9/20/18

Invesco Real Estate purchased Meridian Distribution Center II, a 509.6k sf industrial facility in Riverside. The property was sold by Sun Life Assurance Company of Canada through its advisor Bentall Kennedy. The price was not given out.

Located at 22000 Opportunity Way, the facility is part of the master-planned Meridian Business Park industrial campus comprising over 1,290 acres west of the I-215 Fwy. It will feature 16 msf of building space upon completion.

Construction on Meridian Distribution Center II was completed by West Coast developer, Newcastle Partners earlier this year. The facility spans 26.93 acres of land and features 36’ interior clearance, 88 dock-high doors, 150 trailer parking stalls, and 217 car parking spaces. In addition to its freeway-adjacent location, the property provides easy access to the Los Angeles and Long Beach Ports and is only 30 miles to the Ontario International Airport. Select corporate tenants at Meridian Business Park include Kia Motors, Sysco, Amazon, UPS, and McLane Company.

Both the buyer and seller were represented by Phil Lombardo, Chuck Belden, and Andrew Starnes in Cushman & Wakefield’s Ontario office, who will also serve as exclusive leasing agents for the property. The team worked in partnership with Capital Markets specialists Jeff Chiate, Jeffrey Cole, Mike Adey, and Ed Hernandez in the firm’s Irvine office for the transaction.

“As ecommerce continues to fuel growth in the region, we are seeing continued interest from institutional investors looking for state-of-the-art industrial assets in the Inland Empire East submarket to add to their portfolio,” said Lombardo. The overall vacancy rate in the Inland Empire was 4.1% as of second quarter 2018, according to Cushman & Wakefield research.




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