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February 29, 2024
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Inland Empire Distribution Facility Purchased for $92 Mil


Val Verde Logistics Center, a recently completed 289.4k sf spec distribution building in Riverside County was acquired by an unnamed investor in a $92 mil ($318/sf) transaction. The facility, completed in October 2021, is fully leased to a pool equipment supplier. It was built and sold by Rockefeller Group Inc.

Situated on nearly 13 acres, Val Verde Logistics Center broke ground in 2020. Herdman Architecture + Design Inc designed the project, with Kimley-Horn as engineer and RM Dalton as the general contractor. The building’s sister project, Harvill Logistics Center, was sold last year to a joint venture partnership between CH Realty Partners LLC and Blumenfeld Development Group for $57.5 mil.

“Due to its location, occupancy of a quality tenant and short supply of available industrial product in the market, Val Verde Logistics Center was particularly attractive to investors,” said James V. Camp, Senior Managing Director for Rockefeller Group’s West Region. Over the past five years, Rockefeller Group has developed and is planning more than 6.5 msf of new industrial product to meet strong demand in the Inland Empire.

“It goes without saying that the Inland Empire continues to be one of the top industrial markets in the country for tenants and investors and with record low vacancy and high absorption rates, we see that trend continuing,” said Camp. “Despite a limited supply of land and stiff competition, we remain committed to securing development opportunities in the Inland Empire as well as San Diego. Further, we are actively pursuing development opportunities in Northern California, Nevada and elsewhere in the Western United States.”

Bill Heim and Alex Heim of Lee & Associates represented Rockefeller Group on the leasing & sale of Val Verde Logistics Center. Jeffrey Cole, Jeff Chiate, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group repped Rockefeller Group on the investment sale element of the project.

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