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PRESS RELEASES
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The Rockefeller Group Acquires 19 Acres in San Bernardino for Industrial Redevelopment

6/01/16

IRVINE, CA – May 31, 2016 – The Rockefeller Group announced the acquisition of a redevelopment project located at 1333 South Tippecanoe Ave. in San Bernardino, Calif. The 19 acre site includes a 225,000-square-foot industrial building on 19 acres that will be redeveloped into state-of-the-art modern industrial buildings. The new project will meet the continued strong demand for prime distribution space in the Inland Empire. The seller was CT Realty.

“The Rockefeller Group’s purchase of the Tippecanoe Avenue property is in line with our industrial strategy of acquiring and developing strategically located properties in U.S. inland distribution hubs,” said James V. Camp, Senior Vice President and Regional Development Officer for The Rockefeller Group’s West Region. “The Inland Empire, specifically, is a key gateway for distribution and we are confident our project will meet tenant demand.”

The company is planning two industrial distribution buildings totaling approximately 415,000 square feet. The first building, a 333,170 cross-dock distribution facility, would be marketed to single tenant users but could be divisible to accommodate smaller tenants. The second, an 81,730-square-foot front-loading building, is ideal for a single tenant who would use the space for storage and distribution, according to Marc Berg, Vice President - Regional Director, who will be overseeing the redevelopment of the site for The Rockefeller Group.

“As a national developer, we are highly selective and focused on major distribution markets in the Inland Empire, the greater Southern California region and several East Coast port markets,” Mr. Camp said. “We’ve identified our target markets and will become increasingly active from an investment and development standpoint as we uncover more opportunities.”

Recently, The Rockefeller Group and its partners have completed industrial, office, residential and retail projects in Arizona, California, Florida, New Jersey and South Carolina. In addition, it has projects under construction in Arizona, New York and New Jersey. With the acquisition of the San Bernardino property, the company has expanded its industrial development pipeline in recent months to Southern California, Georgia and Pennsylvania, where the company has additional projects in the planning phase.

“The Rockefeller Group has always enjoyed a reputation for establishing strong partnerships with our tenants, partners and the communities we invest and operate in,” said Mr. Camp. “We’ve leveraged that reputation and track-record for success, and shifted our focus from planning and completing largely build-to-suit projects, to now underwriting speculative development projects in the markets where we have the strongest conviction. We think that push will help meet the market for high quality, well located distribution facilities, which is only expected to continue to grow with the emergence and acceptance of e-commerce and omni-channel retailing.”

Over the past 24 months, industrial projects completed by The Rockefeller Group include the 615,000-square-foot North American headquarters and distribution facility for Goya Foods in Jersey City, N.J., and the 477,000-square-foot distribution facility for Gerber Childrenswear in Charleston, S.C.

Mr. Camp expects The Rockefeller Group to explore deals for similar opportunities throughout the Inland Empire, Southern California and the Western United States.

Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall and Andrew Briner of CBRE, arranged the transaction on behalf of the seller.




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