– Company continues focus on Inland Empire with more than 2.2 MSF developed over three years
IRVINE, CA – April 24, 2019 – Rockefeller Group, a leading real estate developer, owner and operator, announced today that it has acquired 8.78 acres of industrial land in Moreno Valley, Calif. The company will begin construction of a 203,000 square foot distribution center this fall with completion expected in summer 2020. Rockefeller Group acquired the property fully entitled and zoned from Newcastle Partners Inc. for $5.9 million.
“Rockefeller Group is excited to begin our next project in the Inland Empire and our second along the I-215 corridor in the last three years,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “For us to be able to acquire a fully entitled and improved site in this area that is shovel ready is extremely rare. Moreno Valley has seen considerable growth in industrial development over the past five years and their pro-business philosophy motivated us to find a project in this community.”
In 2018, the Inland Empire achieved the highest gross and net absorption on record and the largest absorption in the country. The lowest proportion of Inland Empire industrial building vacant space is in the 100,000 square foot to 250,000 square foot range and product in this size segment is experiencing robust demand.
According to Bill Heim, principal at Lee & Associates, who represents Rockefeller Group on the leasing of the project, demand for small and mid-size industrial buildings continues to outpace supply. “Market demand continues to grow for 200,000 square foot facilities due to an expanding economy that favors small and mid-sized tenants,” said Heim. “E-commerce companies, for example, are looking for new, Class A buildings in the mid-size range to establish distribution hubs within the region. We are confident this building, at this size, will attract a single-use tenant quickly.”
Located on Cactus Avenue in Moreno Valley, the cross-dock building will feature 32-foot clear ceiling heights, 8,000 square feet of speculative office improvements, 109 auto-parking stalls and 27 trailer-parking stalls. Centerpointe Commerce Center offers convenient access to several major Southern California freeways including the I-215, SR-60, SR-91 and I-10. The property is also within close proximity to Ontario International Airport, the BNSF Intermodal Yard and the Ports of Los Angeles and Long Beach and is less than 1.5 miles from the Alessandro Boulevard on/off ramp at the I-215 Freeway.
“Rockefeller Group is looking forward to working closely with the City of Moreno Valley on this development,” said Marc Berg, Regional Director for Rockefeller Group’s West Region. “Moreno Valley is one of the most business-friendly municipalities in the Inland Empire and we will continue to look for future opportunities within the city and throughout Riverside County.”
Mr. Heim and Finn Comer, also of Lee & Associates, were the brokers for the transaction.
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