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1/31/19
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KKR has acquired a recently completed 406.7k sf industrial distribution building in the Inland Empire city of Perris for $43.5 mil ($107/sf). The building was sold by the developer, Rockefeller Group.
The building, located at 4150 Patterson Ave, within Optimus Logistics Center, a 1.45 msf foot industrial complex, is the second building to be completed and sold at the project, following the September 2018 sale of a 1.04 msf distribution building to Ferguson Enterprises.
“The sale of the last building at Optimus marks an important milestone for Rockefeller Group in the Inland Empire,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “In less than two years, we were able to develop 1.45 msf of industrial space on a speculative basis along the I-215 freeway and complete the business plan by selling both buildings shortly after completion of construction. This success confirms that the I-215 corridor has become a destination for companies who need to distribute throughout the Western United States and also signifies the appetite by investors who see the area’s growth potential.”
Rockefeller Group completed construction of Optimus Logistics Center, which is a joint venture of Rockefeller Group and MBK Real Estate (MBK), in September 2018. KKR is making the investment through its Real Estate Partners Americas II Fund. Mike McCrary, Peter McWilliams, Sharon Wortmann and Scott Coyle of JLL represented both parties in the deal.
Along with the completion of Optimus Logistics Center, Rockefeller Group completed 425.5k sf of distribution space consisting of two buildings at Tri-City Industrial Complex in San Bernardino. One of those buildings (81.3k sf Building #2) sold to 4F Capital in September 2018.
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