JV Buys 43-Acre Industrial Site

REDLANDS, CA—Crow Holdings Capital Real Estate and Seefried Properties have formed a partnership to purchase a 43-acre industrial development site in Redlands, CA. The development is fully entitled for a two-building, 1-million-square-foot industrial complex, which will be known as the Redlands Logistics Center. Construction is scheduled to begin in the late summer of this year. The purchase price of the site was not disclosed.

“This site yielded two great building sizes that are attractive on the market, and they are situated in the popular Redlands submarket,” Tom Taylor, SVP at Colliers International, tells GlobeSt.com. “Once you are situated in the Inland Empire East, Redlands is by far the most popular user destination as well as institutional capital destination. The reason being is because it is a corporate neighborhood with Fortune 500 companies, very solid institutional ownership and it is located right along the 10-freeway corridor.” Taylor represented the buyer and the seller in the transaction, with managing directors Rick Putnam and Bret Hardy as well as SVP Steve Bellitti, VP Josh Hayes and senior associate Summer Coulter of the firm’s Ontario office, which has also been hired as an exclusive leasing agent for the property once it is complete.