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10/14/19
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First Industrial Realty Trust has completed three acquisitions covering 16.26 contiguous acres of industrial zoned land in the Inland Empire city of Perris, with plans to develop a 315k sf industrial distribution center at the site.
The site is situated at the southeast quadrant of Rider St and Redlands Ave in Perris, a city in Riverside County that continues to be a hotbed for industrial development. The 215 freeway runs through it, providing convenient access for distribution. Over the next 12 to 16 months, First Industrial will be working on executing the entitlements for its planned state-of-the art industrial development, which is being designed for one or two users. Once the entitlements are finalized, construction will commence.
Stan Nowak and Cody Lerner with Avison Young represented First Industrial Realty Trust, a leading owner and operator of industrial real estate across major markets coast-to-coast. The three individual sellers of each land parcel were private owners.
“This was an off-market transaction that involved a fast-paced negotiation with multiple suitors for the assemblage,” says Nowak. “First Industrial builds some of the most technologically advanced, state-of-the-art buildings in the market and will design a modern facility that addresses the specific needs of occupiers in the region.”
“With the Inland Empire West submarket being severely land-constrained, land prices there are increasing rapidly, causing many developers to look for opportunities further east and south in the Perris/Moreno Valley area, where land values are not as costly,” says Lerner. “However, as competition increases in the Perris/Moreno Valley submarket, we are seeing prices rising here as well.”
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