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September 19, 2020
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Rockefeller Group Acquires 30 Acres in Riverside County for 623k sf of Industrial Development

9/16/20

Rockefeller Group has acquired approximately 30 acres of property in Riverside County for the development of 623.1k sf of Class "A" industrial distribution space.

The first project, being marketed as the Val Verde Logistics Center, is located on 12.96 acres and will include a 289.6k sf speculative distribution building. The second project, being marketed as the Harvill Avenue Logistics Center, is located on 16.86 acres and will include a 333.6k sf speculative distribution building. Both projects are expected to break ground in October 2020.

"Working closely with Newcastle Partners, we were able to acquire these two prime sites along the I-215 corridor and will bring more than 600k sf of Class "A" industrial product to the market by Spring 2021," noted James V. Camp, Senior Vice President & Regional Development Officer for Rockefeller Group.

In April of 2019, Rockefeller Group acquired an 8.78-acre parcel in Moreno Valley from Newcastle, who, as with these two parcels, successfully obtained the entitlements prior to purchase. Construction of the 203.9k sf Centerpointe Commerce Center was recently completed and is being marketed for lease or sale. In 2018, Rockefeller Group successfully completed and sold Optimus Logistics Center in Perris, a 1.4 msf, two-building logistics center located just a few miles from these two new prospective developments.

"We are seeing a continued decline in vacancy and strong gross and net absorption rates in the Inland Empire region. Along the I-215 corridor in Riverside County, we are seeing strong tenant demand ranging from 200k sf up to 1 msf," said Marc Berg, Vice President and Regional Director for Rockefeller Group's West Region. "We will complete construction of these two new buildings at a time when few buildings of similar size are anticipated to be on the market and when tenant demand is expected to be high."

Rockefeller Group has again selected RM Dalton of Newport Beach as general contractor. RM Dalton is also the general contractor on Centerpointe Commerce Center.

Bill Heim, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for both the Val Verde Logistics Center and Harvill Avenue Logistics Center projects. Herdman Architecture + Design Inc. designed the projects and Kimley-Horn serves as the projects' civil engineer.




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