Sales  ·  Industrial

Planned Logistics Facility Sells for $99M in Southern California

Anatolia Capital bought the rights to build the 1.4 million-square-foot warehouse in the Inland Empire.

reprints


We’ll always have Perris.

IDI Logistics is selling the land and the plans for a large distribution center in the city of Perris in Southern California’s Inland Empire for $98.9 million, according to data provided by Vizzda. Anatolia Capital Corporation acquired the 67.5-acre property and rights to build a 1.4 million-square-foot facility called the Perris Logistics Center South.

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The development plan for the southwest corner of Goetz and Mapes roads includes about 20,000 square feet set aside for office, as well as 564 parking spaces and 339 trailer spaces. The sale closed on April 10.

Ivanhoé Cambridge and Oxford Properties acquired IDI Logistics for $3.5 billion in 2019. The entity has built and sold significant industrial sites throughout Southern California. For example, IDI built and sold a nearly 800,000-square-foot warehouse leased to Home Depot to Blackstone’s Link Logistics for $183.8 million in December.

However, industrial investment sales in Southern California have significantly declined in comparison to 2020 through 2022, while vacancies rise to post-pandemic highs. The Inland Empire’s vacancy rate was up to 7.8 percent in the first quarter, according to Savillsfirst quarter report.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.