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1/26/22
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Alere Property Group recently acquired Freeway Business Center, a brand new 709.1k sf , Class A industrial warehouse in Riverside, for $199.25 mi ($281/sf). The state-of-the-art facility, situated on over 39 acres, was sold by a joint venture between Crow Holdings Industrial and a global real estate investment advisor.
Completed in 2021 and located in the Inland Empire East submarket, the structure is positioned in one of the nation’s most desirable industrial real estate and logistics submarkets according to Cushman & Wakefield. The property is fully leased long-term to a national third-party logistics provider.
Freeway Business Center is located at 2677 E Alessandro Blvd, along the northwest corner of March Air Reserve Base. The facility features 36-foot clear height, ample excess trailer parking, heavy power, ESFR and drive-around access. There are 109 dock-high doors, offering abundant loading, and a large secure concrete truck court that stretches up to approximately 300 feet.
The property provides easy access to the I-215 Fwy and Southern California’s vast transportation network. The property also features over one-half mile of freeway frontage and is located less than two miles south of the SR-60 freeway interchange. Several major corporate neighbors are also located nearby.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented both parties in the transaction. Local market advisory was provided by Cushman & Wakefield’s Phil Lombardo, Chuck Belden, and Andrew Starnes.
“Freeway Business Center was a rare and very attractive opportunity to acquire a premier industrial asset supported by a strong tenant in one of the world’s most sought-after industrial markets,” said Chiate. “Adding to the appeal is the property’s outstanding visibility, accessibility and modern features to serve users now and well into the future.”
According to Cushman & Wakefield research, market fundamentals remain very strong in the Inland Empire East (IEE) with robust occupancy gains and significant new leasing activity. In the approximately two years spanning 2020 through mid-December 2021 (the time of sale) more than 11.1 msf was absorbed shrinking overall vacancy to just 1.1% in the IEE, and a mere 0.6% in the Riverside submarket.
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