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5/29/26
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Walmart Realty, a subsidiary of Walmart, has acquired a 507k sf cold storage facility in Riverside for $223 mil, or $440/sf. Walmart has been leasing the facility, located at 1001 Columbia Ave, since 2010 and will continue to operate it for temperature-controlled distribution.
1001 Columbia Avenue is ideally located less than four miles from Interstate 215, California State Route 60 and California State Route 91, providing convenient access to neighboring communities. It features 42-foot clear height, 120 trailer stalls, 98 dock doors, 22.5k sf of office space and 565 parking stalls.
“Walmart’s decision to acquire this building reflects the company’s commitment to the facility and property in servings its customers,” said Scott Coyle, JLL Managing Director. “Demand for temperature-controlled logistics infrastructure continues to outpace supply across the greater Los Angeles basin. This transaction highlights the irreplaceable nature of existing large-format cold storage facilities and reinforces the Inland Empire’s role as a key market for Southern California’s food distribution ecosystem.”
JLL’s Scott Coyle, Peter McWilliams and Tim O’Rourke represented Walmart in the acquisition. Jomar Benoit, Walmart Senior Manager of Industrial Real Estate, was also instrumental in getting this deal completed. The seller, State Street Corporation, was repped by Eastdil Secured.
“The Inland Empire industrial market is expected to see continued demand from a variety of users including third-party logistics, retail, and ecommerce firms,” said Peter McWilliams, JLL Vice Chairman. “The limited speculative construction pipeline coupled with robust tenant demand should begin to positively impact net absorption, vacancy and availability over the coming quarters.”
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