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2/07/23
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Brookfield Asset Management acquired a newly built, 1.8 msf, two-building distribution center in Riverside County from Shopoff Realty Investments and Artemis Real Estate Partners in a deal reportedly worth $329 mil ($183/sf). The facility is located at 36500 Cherry Valley Blvd, just north of the confluence of I-10 and Hwy 60 in Cherry Valley, within the Inland Empire East market.
Construction of the project began in April 2021 and the buildings were completed December 2022. Set on 155 acres, the I-10 Logistics Center (also known as "Cherry Valley Logistics Center") project includes two high cube logistics/warehouses buildings that have been designed for LEED Silver Certification. Building one covers 814.8k sf of space and building two covers 1.02 msf of space, for a total of 1.83 msf of floor area. The project features 40-foot clear-height ceilings, 665 employee parking spots, 585 trailer parking spots and 296 dock high doors.
Brookfield has already leased the building during construction to a global e-commerce retailer with plans to employ nearly 1,000 employees at this location, making it a major hub for national distribution. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the sale transaction. CBRE also brokered the new tenant lease.
"Completing this project is a major milestone for our firm, and we are especially proud of the positive impact it has had, and will continue to have, on the surrounding community," explained Shopoff President and CEO William Shopoff. "This project has helped to create hundreds of construction jobs, as well as an anticipated nearly 1,000 permanent jobs at the facility itself. It also provided significant fees to local government and utility agencies during construction and will add substantial tax revenue on an ongoing basis, further supporting this emerging community in the Inland Empire.”
Shopoff added, "The project's design was very intentional, taking into great consideration the surrounding geography and community. We were able to incorporate the rural characteristics of the area into the architectural design, along with earth-tone paint colors, wood trim, and California native landscaping to screen the buildings. The project is also environmentally friendly with a LEED Silver design and features solar panels to offset 100% of the energy usage."
In addition, the joint venture worked with the Yucaipa Valley Water District to construct two miles of pipeline for its recycled water conveyance project. The pipeline will supply recycled water for the project's landscaping, as well as providing recycled water to homes and business throughout Calimesa. This newly constructed infrastructure will save millions of gallons of potable drinking water every year by using pure recycled water for irrigation.
The joint venture will also make significant upgrades to the I-10 Interchange at Cherry Valley Blvd, including replacing the existing stop signs with traffic signals to improve traffic flow and reduce congestion at the interchange. The interchange improvements, combined with widening and landscape improvements on Cherry Valley Blvd will not only improve traffic conditions but create an enhanced street scene for residents.
The project also contributed to creating trails and permanent open space, along with future park land. 85 acres of land on the north side of the property will be permanently preserved as open space through a conservation easement. In addition, in 2020, Shopoff donated 123 adjacent acres to the Beaumont-Cherry Valley Recreation & Park District's foundation for a future park and open space.
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