Automated Walmart Center Sells for $109M in SoCal’s Inland Empire
By Greg Cornfield July 11, 2023 2:25 pm
reprints
Nine-figure industrial deals and big profits are rolling in Southern California, counter to the larger overall drop in warehouse sales nationwide.
An automated Walmart facility in the Inland Empire sold for $109 million, or about $320 per square foot, according to data provided by Vizzda. LBA Realty sold the property to an entity connected to Ponte Gadea USA.
The 340,120-square-foot consolidation center was completed in 2019 on 45 acres at 1600 Agua Mansa Road near La Cadena Drive in Colton, Calif. The mega-retailer uses automated technology to receive, sort and ship products at the facility, according to media reports from when it opened.
Investment sales of industrial properties have slowed significantly compared to 2022. But the Inland Empire recorded $1.9 billion in industrial sales as of May 31, at an average of $270 per square foot, for the most sales in the nation. Adding more to the Inland Empire tally, MDH Partners agreed to pay $112 million, or $337 per square foot, for the Harvill Avenue Logistics Center, and GLP Capital Partners acquired a new 116,800-square-foot warehouse at the Grove Ontario Commerce Center for $490 per square foot.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
