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2/20/20
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A 1 msf warehouse and distribution facility at 6275 Lance Dr in Riverside was purchased by an unnamed institutional buyer. The asset, located within the 920-acre Sycamore Canyon Business Park, was sold by Dedeaux Properties, on behalf of one of its institutional managed partnerships.
We don’t know the price in this deal, however, we can tell you that Dedeaux had acquired the recently-completed property from Hillwood Investment Properties in 2019 for $94.2 mil. At the time, they financed the buy with a five-year, floating rate debt package provided by Mesa West Capital. Dedeaux then signed Cardinal Health to a long-term lease for the entire building, which serves as the flagship West Coast medical solutions segment replenishment center for the Fortune 100 healthcare services and products company.
The state-of-the-art warehouse and distribution building is situated on 52 acres, with 147 dock-high loading doors (9’x10’), four ground-level loading doors (12’x4’), 36-foot warehouse clearance with cross-dock loading, 52’x50’ typical bay spacing, an ESFR sprinkler system, and two secured truck courts with 192 trailer parking spaces. It is adjacent to a newly constructed 361.3k sf warehouse building that was developed by Dedeaux Properties. The remaining building, situated on 18 acres, has 37 dock-high loading doors (9’x10’), 2 ground-level doors (12’x4’), 53 trailer spaces and 177 auto parking spaces.
Sycamore Canyon Business Park has immediate access to Interstate 215 and California 60, key distribution routes to the Greater Los Angeles metro, Phoenix and Las Vegas. Corporate neighbors include Amazon, Big 5 Sporting Goods, Pepsi Bottling Group and Kroger.
The Darla Long Team of CBRE represented Dedeaux Properties in this latest sale. Ian DeVries and Chris DeVries with Colliers Internationsl represented both the buyer and the seller in the previous deal.
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