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12/11/20
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Two large industrial development sites totaling 88.5 acres in the Inland Empire sold in deals worth a combined $140 mil. The assets were sold by Orbis Real Estate Partners.
In the larger transaction, Reno-based Dermody Properties purchased The Homestead, 47 acres which Orbis fully designed and entitled in Eastvale, one of the most supply-constrained submarkets in the Inland Empire’s sought-after western region. The land traded for about $95 mil.
Dermody plans to develop a first-class logistics park comprised of six Class A industrial warehouse buildings totaling 1.05 msf that Orbis Real Estate Partners designed and entitled. According to Orbis founding partner Tom Money, the Homestead transaction represents one of the largest industrial land deals in the region.
“This is an ideal location for the rapidly expanding e-commerce distribution and logistics sector, with strong regional transportation links and proximity to a large population base to fulfill critical last mile delivery requirements,” says Grant Ross, Orbis Real Estate Partners founding partner. “Orbis has developed and/or entitled more than 200 acres of land in the area over the past four years.”
The new buildings will range in size from 48.3k sf to 501.6k sf and offer state-of-the-art features including: Concrete tilt-up construction, 40’ minimum clearance heights on the larger buildings, large secured truck courts, ample parking with excess approved trailer stalls, and excellent dock-high and grade-level loading for each building.
Orbis other sale was of the Riverside Logistics Center in Riverside County, which encompasses 41.5 acres and is slated to contain 938.7k sf of premium industrial real estate. Strategically located in a hotspot for Fortune 500 tenants and institutional investors, the Center has direct access to I-215 and proximity to other major highways. The entitled and permit-ready property was acquired by Denver-based Black Creek Group in a $45 mil transaction.
Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in both transactions.
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