Burlington Buys Its Distribution Center From BlackRock for $257M
The off-price retailer has been the sole tenant at the 889,445-square-foot facility in California's Inland Empire since it was completed in 2019.
By Greg Cornfield April 3, 2025 4:35 pm
reprints
With more big industrial real estate tenants looking to own the spaces they use, a prominent off-price retailer put down a quarter of a billion dollars for one of its distribution centers in Southern California as its business grows.
Burlington, formerly known as Burlington Coat Factory, paid more than $257 million to acquire an 889,445-square-foot industrial warehouse from the world’s biggest asset manager, BlackRock. Burlington has been the sole tenant at the Inland Empire facility since it was completed in 2019.
Colliers (CIGI)’ Mark Zorn and Cory Whitman represented Burlington and announced the deal for 21600 Cactus Avenue in Riverside, Calif., while CBRE (CBRE) represented BlackRock.
Burlington’s move from tenant to owner comes as it expands its operations. The publicly traded company opened 101 new stores in 2024 and plans to open another 100 locations this year. The deal also demonstrates the demand for and the value of new warehouse development in the nation’s biggest market for logistics and industrial space.
“The Inland Empire industrial market continued to see elevated demand in Q4 2024, with leasing activity surpassing 10 million square feet for the third consecutive quarter,” Zorn said in a statement. “Burlington’s commitment to this location is a testament to the Inland Empire’s status as a leading industrial market.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
