Rockefeller Group Sells Inland Empire Asset for $58M

Harvill Logistics Center. Image courtesy of Rockefeller Group

In a $57.5 million deal, a partnership between CH Realty Partners and Blumenfeld Development Group has acquired Harvill Logistics Center, a 333,572-square-foot industrial asset in Perris, Calif. Colliers brokered the transaction on behalf of the buyers, while Lee & Associates represented the property’s seller and developer, Rockefeller Group.

In September 2020, Rockefeller Group purchased approximately 30 acres for the development of two Class A industrial distribution facilities totaling 623,109 square feet: Harvill Logistics Center and its sister property, Val Verde Logistics Center. The latter, a recently completed speculative distribution facility totaling 289,556 square feet, is currently available for sale or lease.

Covering a nearly 17-acre site at 21500 Harvill Ave., Harvill Logistics Center also includes a 7,976-square-foot office component across two stories. The logistics center features 36-foot clear heights, a truck court between 186 and 196 feet, a parking ratio of 0.57 parking spaces per 1,000 square feet and is equipped with an ESFR sprinkler system.

The property provides easy access to Interstate 215 via Harvill Avenue. Downtown Riverside is some 17 miles northwest of the facility.

Herdman Architecture + Design Inc. designed Harvill Logistics Center, while RM Dalton served as the general contractor.

The Inland Empire

As industrial demand continues to favor sellers, Harvill Logistics Center has generated multiple offers.

In January, Rockefeller Group sold two other Inland Empire industrial assets totaling 500,000 square feet. Two separate buyers paid a combined $80.8 million to acquire the Class A properties.

In May, Costco Wholesale paid $345 million to purchase 5600 East Airport Drive, a distribution facility totaling 1.6 million square feet in Ontario, Calif., CommercialEdge data shows. The seller, CenterPoint Properties, acquired the asset just last year in an off-market transaction that ranked as the largest single-asset industrial transactions to close in Southern California over the last decade.

In March, Black Creek Group announced plans to develop two Class A industrial assets totaling 1.7 million square feet. As of July, some 500 million square feet of industrial assets were underway across the U.S., according to CommercialEdge data. The Inland Empire supply pipeline totaled 21.5 million square feet under construction, representing 3.7 percent of stock, slightly above the 3.3 national average.