Invesco pays $52M for industrial property in Inland Empire

A tight industrial market in LA County has been fueling demand elsewhere

Los Angeles /
Sep.September 17, 2018 02:00 PM
Invesco Real Estate CEO Scott Dennis and the property

Invesco Real Estate, an arm of Atlanta-based investment manager Invesco, has acquired a massive distribution center in Riverside for about $52.5 million, The Real Deal has learned.

At nearly 503,600 square feet, the deal pencils out to roughly $104 per square foot, a source familiar with the deal confirmed.

The seller of the property, dubbed Meridien Distribution Center II, was Sun Life Assurance Co. of Canada, a financial services company based in Toronto.

Located at 22000 Opportunity Way, the facility is part of the master-planned Meridien Business Park industrial campus. Once completed, the property will feature more than 16 million square feet of space spread out over 1,290 acres — an area more than one-and-a-half times the size of New York’s Central Park.

Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield brokered the deal in partnership with a capital markets team from the firm’s Orange County office. They will also serve as listing agents for the property.

Demand for industrial properties outside of Los Angeles has increased in recent years as a tight supply continues to drive up prices in places like the South Bay. The Inland Empire, which is about 40 miles east of L.A., has become an attractive alternative to investors. 

Last month, a joint venture between Canadian firm Ivanhoe Cambridge and CapRock Partners announced plans to develop a $450 million industrial campus in Ontario, also in the Inland Empire. The logistics complex will span about 3 million square feet of industrial space, spread across 11 buildings.


Related Articles

arrow_forward_ios
Prologis CEO Hamid Moghadam and 1920 West Baseline Road (Google Maps)
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
Photo illustration of Prologis CEO Hamid Moghadam in front of the Greyhound station at 1716 E 7th St. (Getty)
Prologis buys LA Greyhound station for $91M
Prologis buys LA Greyhound station for $91M
Rexford’s Howard Schwimmer and Michael S. Frankel with 2034-2040 East 27th Street (Google Maps)
Rexford fills holiday basket with another warehouse portfolio
Rexford fills holiday basket with another warehouse portfolio
Howard Schwimmer and Michael S. Frankel (Rexford, iStock)
Rexford adds 600K sf to industrial portfolio in Inland Empire
Rexford adds 600K sf to industrial portfolio in Inland Empire
Richard Julian and Robert Morse, with the property
Investment firm ARES pays $130M for Chino Hills apartment complex
Investment firm ARES pays $130M for Chino Hills apartment complex
Aerial of inland empire industrial areas (Credit: CBRE via OBSERVER MEDIA)
The Inland Empire’s booming logistics industry is a double-edge sword
The Inland Empire’s booming logistics industry is a double-edge sword
The Uihlein family and a rendering of Ontario Ranch Logistics Center (Credit: Colliers International and Uline)
Shipping supply giant inks 1.2M sf lease deal in Inland Empire
Shipping supply giant inks 1.2M sf lease deal in Inland Empire
Nearly 10 percent of homes in Riverside County are worth less than their mortgages, making them particularly vulnerable amid the coronavirus crisis. (Credit: David McNew/Getty Images)
Inland Empire housing market is SoCal’s worst-positioned to weather pandemic fallout: report
Inland Empire housing market is SoCal’s worst-positioned to weather pandemic fallout: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...