– Recently-leased building to be part of Nuveen’s growing industrial portfolio
IRVINE, CA –July 22, 2019 – Rockefeller Group, a leading real estate developer, owner and operator, announced today that it has sold a newly constructed, fully-leased, 344,249 square-foot cross-dock industrial building at Tri-City Industrial Complex to Nuveen Real Estate. The building, located at 1445 S. Tippecanoe Avenue, is leased by Home Chef (a division of Kroger, the largest supermarket chain in the United States) and Protempo, a global third-party logistics provider.
“In late 2017, we broke ground on almost 2 million square feet of industrial space in the Inland Empire,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “Today’s sale of the remaining Tri-City Industrial Complex building completes a very successful two-year span in which we developed, leased and sold four industrial buildings in the region in a very competitive environment.”
The Inland Empire currently has approximately 26 million square feet of industrial space under construction in the region, with high absorption rates resulting from strong tenant demand.
“Nuveen is pleased to add the Tri-City facility to our growing portfolio in the Inland Empire,” said Graydon L. Bouchillon, Managing Director and Head of U.S. Industrial for Nuveen Real Estate. “As the initial acquisition for Nuveen’s core, open-ended US Cities Industrial Fund, this state-of-the-art, Class A asset will provide our investors with stable, long term cash flow in one of the most dynamic logistics markets in the country.”
“We are very proud of our results from redeveloping the site in San Bernardino and appreciate all the support we’ve received from the city,” said Marc Berg, Vice President and Regional Director for Rockefeller Group’s West Region. “We wish Nuveen long-term success with the building and hope to develop future projects in San Bernardino.”
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Chuck Belden, Kyle Kehner, Milo Lipson and Tim Pimentel of Cushman & Wakefield represented Rockefeller Group on the sale.
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