Rockefeller’s new industrial equation comes to $57.5M in IE

Newly built, 334K sf center fully leased to e-commerce outfit, sold to Declaration Partners venture

Rockefeller Group CEO Daniel Moore and Harvill Logistics Center (Rockefeller Group)
Rockefeller Group CEO Daniel Moore and Harvill Logistics Center (Rockefeller Group)

Rockefeller Group has sold one of its newly built warehouses in the Inland Empire to a venture composed of two New York-based investors and a firm based in Los Angeles.

The 333,600-square-foot warehouse in Perris was sold to Blumenfeld Development Group, CH Realty Partners, and Declaration Partners for $57.5 million, records show. The buyers announced the deal last week. Rockefeller did not immediately respond to a request for comment.

Located at 21500 Harvill Avenue, the property is fully-leased for 12 years to Packable, a Carlyle Group-backed e-commerce logistics and marketplace firm that recently agreed to go public through a $1.55 billion-dollar SPAC merger. Packable is a holding company for Pharmapacks.

Packable COO Chris Pfeiffer said in a statement that the property was “well-suited” to the firm’s West Coast expansion plans.

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New York-based Rockefeller finished construction on the facility this year. The development is one of two warehouses the firm built on 30 acres in Perris. It bought the land for $20 million last year.

The other distribution facility built at the site totals 289,556 square feet and is currently for sale.

At $172-per-square-foot, the deal is one of the pricier transactions in the Inland Empire recently. The top deal remains Nuveen’s recent $60 million acquisition of a 237,000-square-foot manufacturing facility, which came to $252 per square foot.

E-commerce wholesalers and distributors are still racing to take space across the two-county Inland Empire region. Earlier this month, Duke Realty pre-leased a nearly 200,000-square-foot spec warehouse to Shenzhen-based Yahee Technologies, which supplies furniture and more to Amazon, Walmart, Wayfair and other platforms.