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7/18/23
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MDH Partners has purchased a 333.6k sf industrial building in Perris for $112.25 mil, or $337/sf, in a deal we’re told sets a record for the Inland Empire East market as measured by price per square foot for a warehouse distribution building. The building is fully leased to Cypress Medical Products, a division of McKesson Corporation.
The building, located on 16.9 acres at 21500 Harvill Rd, was sold by CH Realty Partners and Blumenfeld Development Group, who bought the asset in late 2021.
CH Realty Partners acquired the building vacant in shell condition from the Rockefeller Group and completed a series of improvements to deliver a modern industrial facility that appealed to a variety of industrial users. Select improvements included a fully air conditioned/temperature-controlled warehouse area, shipping and receiving build out, employee lounge and training area, and modern office build out. The building was leased shortly after completion of the improvements.
Eastdil Secured represented both the buyer and seller in the transaction. CH Realty Partners owns over 1,200 acres of land and oversees more than 12 msf of industrial development projects in Southern California.
“CH Realty Partners and Blumenfeld Development Group were able to buy, lease and sell the property during this challenging economic period. The sale affirms that the Inland Empire is still the strongest industrial market in the country,” commented Phillip Cyburt, Founder, CH Realty Partners.
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