IRVINE, Calif. – April 18, 2022 – Rockefeller Group, the U.S. real estate developer, owner and operator, announced today that it has sold a recently completed distribution center to an undisclosed institutional investor for $92 million. Val Verde Logistics Center, a 289,407-square-foot speculative distribution building located in Riverside County, Calif., was completed in October 2021 and is fully leased to a pool equipment supplier.
Val Verde Logistics Center is located on nearly 13 acres in Riverside County and broke ground in 2020. Its sister project, Harvill Logistics Center, was sold last year to a joint venture partnership between CH Realty Partners LLC and Blumenfeld Development Group for $57.5 million.
“Due to its location, occupancy of a quality tenant and short supply of available industrial product in the market, Val Verde Logistics Center was particularly attractive to investors,” said James V. Camp, Senior Managing Director for Rockefeller Group’s West Region. “Rockefeller Group is pleased to have worked with Lee & Associates, Cushman & Wakefield and the buyer on the sale of Val Verde and are happy to deliver another quality distribution center to the Inland Empire.”
Over the past five years, Rockefeller Group has developed and is planning more than 6.5 million square feet of new industrial product to meet strong demand in the Inland Empire.
“It goes without saying that the Inland Empire continues to be one of the top industrial markets in the country for tenants and investors and with record low vacancy and high absorption rates, we see that trend continuing,” said Camp. “Despite a limited supply of land and stiff competition, we remain committed to securing development opportunities in the Inland Empire as well as San Diego. Further, we are actively pursuing development opportunities in Northern California, Nevada and elsewhere in the Western United States.”
Bill Heim and Alex Heim of Lee & Associates represented Rockefeller Group on the leasing & sale of Val Verde Logistics Center. Jeffrey Cole, Jeff Chiate, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. Herdman Architecture + Design, Inc. designed the project, Kimley-Horn engineered the project and RM Dalton was the general contractor.
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