Shopoff Realty JV Sells 1.8 MSF Inland Empire Industrial Park

The I-10 Logistics Center. Image courtesy of Shopoff Realty Investments

The joint venture of Shopoff Realty Investments and Artemis Real Estate Partners has sold I-10 Logistics Center, a 155-acre, two-building, 1.8 million-square-foot Class A industrial campus in Cherry Valley, Calif. A Brookfield Asset Management fund acquired the recently completed asset. CBRE represented both parties in the deal.

According to CommercialEdge data, the campus is fully leased by Shein, which plans to hire some 1,000 employees at the facility. The online clothing retailer announced its plans to prelease the entire campus and make it a major hub for national distribution back in September.

A newly completed logistics center

The I-10 Logistics Center broke ground in 2021 at 36500 Cherry Valley Blvd., the developers financing its construction with a $105 million loan from Bank OZK. The campus came online in December 2022.

The park’s buildings span 814,822 and 1,017,845 square feet, respectively, featuring 40-foot clear heights and a total of 296 dock-high doors. The entire complex is LEED Silver-certified, fully powered by a surrounding array of solar panels.

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The joint venture also improved the I-10 interchange at Cherry Valley Boulevard to both ease road traffic and enhance the property’s visual appeal. Additionally, the project preserved 85 acres of land as open space and saw the construction of 2 miles of pipes for the use of recycled water for irrigations.

Situated within 1 mile of its namesake, inside the nation’s most in-demand industrial market, the facility provides quick access to the Inland Empire and metro Los Angeles, and has coast-to-coast transportation capabilities. Shopoff President & CEO William Shopoff detailed the value of the assets’ location further, telling Commercial Property Executive, “It is clear the Inland Empire is still a highly sought after location for e-commerce companies. The proximity to the to the ports of Long Beach and Los Angeles, coupled with direct access to I-10 will make this property highly desirable by tenants for decades to come.”

CBRE Vice Chair Barbara Perrier and Vice Chairman & Managing Director Darla Longo, together with Senior Vice Presidents Eloy Covarrubias and Joe Werdein, brokered the transaction.

Brookfield’s logistics buildup

The I-10 Logistics purchase is Brookfield’s latest in a string of recent country-wide investment and development efforts centered around distribution and logistics assets. In December 2022, the firm began the development of Windsor 8 Logistics Center, a 325,170-square-foot facility in East Windsor, N.J.

Earlier that year, in August, Brookfield acquired 161 acres for the construction of Rockland Logistics Center, a 1.2 million-square-foot campus in Suffern, N.Y. Groundbreaking is expected this spring, with completion scheduled for summer 2025.