Rockefeller Group to Build 623K SF Logistics Center in Inland Empire
The 30-acre site will become a Class A distribution space in Riverside
The industrial market in Southern California is showing more signs that it is set to withstand the downturn with persistent investor and tenant interest.
Developer and operator Rockefeller Group announced that it acquired approximately 30 acres in Riverside County in the Inland Empire for two developments totaling 623,109 square feet of Class A industrial distribution space. Rockefeller Group acquired the property for almost $20 million from Newcastle Partners, which secured entitlements.
Crews will break ground next month. The first project is at 23458 Cajalco Road, and it is being marketed as the Val Verde Logistics Center. The 289,556-square-foot speculative distribution building will be located on about 13 acres. The second spec project, the 333,553-square-foot Harvill Avenue Logistics Center, will be on almost 17 acres.
James V. Camp, senior vice president and regional development officer for Rockefeller Group, said it expects the projects to be available by spring next year. Marc Berg, vice president and regional director for Rockefeller Group’s west region, said the company is seeing a “continued decline in vacancy and strong gross and net absorption rates in the Inland Empire region.”
“Along the I-215 corridor in Riverside County, we are seeing strong tenant demand ranging from 200,000 square feet up to 1 million square feet,” Berg said in a statement. “We will complete construction of these two new buildings at a time when few buildings of similar size are anticipated to be on the market and when tenant demand is expected to be high.”
Newport Beach-based RM Dalton is the general contractor. Herdman Architecture + Design Inc. is designing the projects and Kimley-Horn is the projects’ civil engineer.
Rockefeller has completed other major projects in the Inland Empire. In April 2019, Rockefeller Group acquired an 8.8-acre parcel in Moreno Valley from Newcastle, and constructed the 203,944-square-foot Centerpointe Commerce Center. That development was recently completed and is being marketed for lease or sale. Before that, Rockefeller Group successfully completed and sold the 1.4-million-square-foot Optimus Logistics Center in Perris.
Bill Heim, Alex Heim and Nesha Ritchie of Lee & Associates are leasing both the Val Verde Logistics Center and Harvill Avenue Logistics Center.