Rockefeller Group Sells New Inland Empire Project for $58M
The site spans more than 300,000 square feet in Riverside County
One year after announcing two developments for more than 623,000 square feet in the Inland Empire, developer and operator Rockefeller Group sold the first of the new projects for $57.5 million.
The new building, called Harvill Logistics Center, totals more than 300,000 square feet in Riverside County. It was acquired by CH/BDG Harvill LLC, a joint venture partnership between CH Realty Partners and Blumenfeld Development Group.
Rockefeller Group acquired approximately 30 acres for the two projects in September 2020. The second development, a 289,556-square-foot speculative distribution building called Val Verde Logistics Center, was recently completed and is being marketed for lease or sale. Herdman Architecture + Design designed the projects. RM Dalton was the general contractor.
At the start of this year, Rockefeller sold two recently completed industrial buildings with approximately 500,000 square feet for $80.75 million. For those properties, Haralambos Leasing Company acquired the Fontana Santa Ana Industrial Center, a 297,161-square-foot distribution center, for $54 million. And Lone Oak – Moreno Valley LLC acquired Centerpointe Commerce Center, a 203,944-square-foot distribution center, for $26.75 million.
Southern California’s industrial market has maneuvered swimmingly through the pandemic with e-commerce sales growth, more online consumers, and global supply chain necessities. Earlier this week, CO reported CenterPoint Properties acquired a Class A industrial property with just 173,134 square feet in Pico Rivera, Calif., for $63 million. And, at the start of the month, CO reported Cambro Manufacturing signed a 433,865-square-foot lease at the Huntington Gateway Business Park.
Bill Heim and Alex Heim of Lee & Associates represented Rockefeller Group in the sale of Harvill Logistics Center. Tom Taylor and Steve Bellitti of Colliers represented the buyer.
Gregory Cornfield can be reached at email@example.com.