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4/26/19
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Rockefeller Group has acquired 8.78 acres of industrial land in Moreno Valley. The company will begin construction of a 203k sf distribution center this fall with completion expected in summer 2020. The firm acquired the property fully entitled and zoned from Newcastle Partners Inc for $5.9 mil.
Located on Cactus Ave in Moreno Valley, the cross-dock building will feature 32-foot clear ceiling heights, 8k sf of speculative office improvements, 109 auto-parking stalls and 27 trailer-parking stalls. It is situated within Centerpointe Commerce Center, which offers convenient access to several major Southern California freeways including the I-215, SR-60, SR-91 and I-10. The property is also within close proximity to Ontario International Airport, the BNSF Intermodal Yard and the Ports of Los Angeles and Long Beach and is less than 1.5 miles from the Alessandro Boulevard on/off ramp at the I-215 Freeway.
In 2018, the Inland Empire achieved the highest gross and net absorption on record and the largest absorption in the country. The lowest proportion of Inland Empire industrial building vacant space is in the 100k sf to 250k sf range and product in this size segment is experiencing robust demand.
According to Bill Heim, principal at Lee & Associates, who represents Rockefeller Group on the leasing of the project, demand for small and mid-size industrial buildings continues to outpace supply. “Market demand continues to grow for 200k sf facilities due to an expanding economy that favors small and mid-sized tenants,” said Heim. “E-commerce companies, for example, are looking for new, Class A buildings in the mid-size range to establish distribution hubs within the region. We are confident this building, at this size, will attract a single-use tenant quickly.”
Heim and Finn Comer, also of Lee & Associates, were the brokers for the transaction.
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