Rockefeller Group Sells New Inland Empire Project for $58M
The site spans more than 300,000 square feet in Riverside County
By Greg Cornfield September 29, 2021 2:10 pm
reprints
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 (CIGI) represented the buyer.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
