Newport Beach investor gets 709K sf of industrial

Alere Property gets newly built, fully leased distribution hub in Inland Empire

Los Angeles /
Jan.January 12, 2022 12:15 PM
An illustration of the Freeway Business Center (Freeway Business Center)

Alere Property Group has bought a newly completed industrial complex in Riverside.

The Newport Beach-based firm bought a 709,000-square-foot property at 2677 E. Alessandro Boulevard, according to an announcement earlier this week.

Terms of the acquisition were not disclosed, though recent deals across the Inland Empire have ranged from $75 per square foot for an older seven-building complex in Victorville to $278 per square foot for a 2002-built complex in Rancho Cucamonga, according to Newmark. Few newly built complexes have sold in recent months.

The Freeway Business Center complex is fully leased to a third-party logistics firm, UNIS, through 2028. UNIS

Built by Dallas-based industrial developer Crow Holdings, the property was completed last year. The building includes 8,400 square feet of office space and a 300-foot truck court.

With its latest acquisition, Alere operates more than 2.5 million square feet in the Riverside, Moreno Valley and Perris submarket — a total of around 32 million square feet across Southern California.

“Large industrial buildings are increasingly difficult to find across the Inland Empire,” Alere’s head of investments, Alan Carmichael, told The Real Deal. The firm is “aggressively” pursuing other deals.

In the fourth quarter, around 4.6 million square feet of inventory came to market across the Inland Empire – around 0.7 percent of the market’s total inventory, according to Newmark. The total vacancy rate across the Inland Empire dropped to 0.8 percent, making it difficult for tenants to also find space.





    Related Articles

    arrow_forward_ios
    San Bernardino Mayor John Valdivia with Carousel Mall (City of San Bernardino, Google Maps)
    Mayor wants stake in heart of San Bernardino zombie mall
    Mayor wants stake in heart of San Bernardino zombie mall
    Harry Sidhu, Mayor of Anaheim (Getty Images)
    Feds probe Anaheim mayor over Angel Stadium sale
    Feds probe Anaheim mayor over Angel Stadium sale
     1933 South Broadway (Loopnet, iStock)
    Ara Tavitian scores $150M refi on The Reef in DTLA
    Ara Tavitian scores $150M refi on The Reef in DTLA
    Colton Mayor Frank J. Navarro (City of Colton, California)
    Colton to extend moratorium on distribution warehouses
    Colton to extend moratorium on distribution warehouses
    Red Mountain Retail Group's Michael H. Mugel with 11901-12089 Central Ave (Red Mountain, Newmark, iStock)
    Red Mountain goes shopping for retail in Inland Empire
    Red Mountain goes shopping for retail in Inland Empire
    3440 Lomita Boulevard (Loopnet)
    Cedars-Sinai buys medical office building in South Bay
    Cedars-Sinai buys medical office building in South Bay
    GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
    Here’s how much tenants are paying at One Wilshire in DTLA
    Here’s how much tenants are paying at One Wilshire in DTLA
    Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
    Aerospace outfit leases 115K sf warehouse in Commerce
    Aerospace outfit leases 115K sf warehouse in Commerce
    arrow_forward_ios

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

    Loading...