Add another to the growing list of big industrial deals in the Inland Empire.
ASB Real Estate Investments paid $124 million for the 1 million-square-foot Columbia Business Park distribution facility in Riverside.
The seller of the recently-built property was a joint venture of Washington Capital Management and Trammell Crow. The two firms owned the property on behalf of a pension fund client, according to a release about the sale.
The deal, at $124 per square foot, marks one of the largest single-building transactions ever completed in the Inland Empire.
At the end of last year, tenants in the Inland Empire signed 20 of the top 100 industrial leases in the country, totaling 18.98 million square feet. That number was almost double the second busiest market, the I-78/I-81 corridor in Pennsylvania.
The pace of activity and investment there has continued in 2019. Earlier this month, Dedeaux Properties recently added 1 million square feet to its industrial footprint with the purchase of 52 acres in Riverside.
In the ASB purchase, it acquired the “Phase 1” portion of the Columbia Business Park at 490 Columiba Avenue, which includes a fully-leased facility on 46 acres. The building is part of a larger, 72-acre master planned park, which will include a 371,000-square-foot distribution center.
CBRE and Colliers represented Washington Capital.
Among its industrial, office, retail and multifamily properties, Washington, D.C.-based ASB Real Estate owns the 35-story luxury Watermarke Tower apartments in Downtown Los Angeles and a 106-unit apartment building in Santa Monica.