Brookfield Drops $329M on Fully Leased Southern California Distribution Center
By Greg Cornfield February 2, 2023 3:05 pm
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In the face of rising interest rates, one of the most prominent landlords in Southern California has placed another big bet on the rampant warehousing and e-commerce industry.
Brookfield has acquired a recently completed distribution center with 1.8 million square feet in the Inland Empire for $328.7 million, or about $183 per square foot, The Real Deal reported. Fast fashion company Shein leases the two-building property in the city of Cherry Valley in Riverside County.
Shopoff Realty Investments and Artemis Real Estate Partners sold the development. CBRE (CBRE)’s Barbara Perrier and Darla Longo brokered the deal for Brookfield.
The Inland Empire ended 2022 with $5 billion in industrial investment sales, according to a recent report from CommercialEdge, and 2023 has started on a similar pace. Average warehouse asking rents reached $8.05 per square foot by the end of December. That’s 14.2 percent higher than a year ago and the sharpest increase in the nation.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
