Rockefeller Group Sells Inland Empire Industrial Build for $57M
Rockefeller built the 300,000-square-foot Harvill Logistics Center in Riverside County last year.
The Rockefeller Group has sold the Harvill Logistics Center, a 300,000-square-foot industrial facility in Riverside County, for $57.5 million to a partnership between CH Realty Partners LLC and Blumenfeld Development Group. Rockefeller built the property last year.
Rockefeller received multiple offers on the property, illustrating the strong demand for industrial assets in the Inland Empire. Along with nearby Los Angeles, the Inland Empire leads the country in industrial rent growth, fueled by record activity at the Port of Los Angeles, according to a new report from Yardi Matrix. The Inland Empire saw rent grow by 7.1% over the last 12 months, while L.A. posted an increase of 6.7% over the same period. Vacancies clocked in at 2% for the IE in May, and research from JLL released earlier this year shows that the market recorded an impressive 26 million square feet of absorption in 2020.
Last year, the region also had record absorption due to ecommerce growth as well as warehouse growth to support brick-and-mortar storage of popular essential goods, like toilet paper and non-perishable foods. According to a report from JLL, the market recorded an impressive 26 million square feet of absorption in 2020 with activity surging at the end of the year.
The Rockefeller Group has been banking on the activity. Earlier this year, the company sold two other industrial properties totaling 500,000 square feet for $80.8 million. The 297,161-square-foot Fontana Santa Ana distribution center sold to Haralambos Leasing Company for $54 million, and the 203,944-square-foot Centerpointe Commerce Center distribution facility sold to an LLC for $26.75 million.
Harvill Logistics Center was built in conjunction with a second property, Val Verde Logistics Center, a 289,556-square-foot speculative distribution building. The property is currently on the market for sale or lease.
Bill Heim and Alex Heim of Lee & Associates represented Rockefeller Group in the sale of Harvill Logistics Center, while Tom Taylor and Steve Bellitti of Colliers represented the buyer.