CenterPoint pays $101M for Jurupa Valley industrial

211K sf industrial property marks firm’s fifth Inland Empire buy since September

CenterPoint Properties' Bob Chapman and 10855 Philadelphia Avenue (Loopnet, CenterPoint Properties)
CenterPoint Properties' Bob Chapman and 10855 Philadelphia Avenue (Loopnet, CenterPoint Properties)

CenterPoint Properties has bought an industrial property in Jurupa Valley — its fifth purchase in the Inland Empire since September.

The Oakbrook, Illinois-based REIT purchased a 210,600-square-foot logistics facility at 10855 Philadelphia Avenue for $101 million, according to property records filed with Riverside County. CenterPoint announced the deal last week, but did not disclose the purchase price.

York Arizona Office Associates, based in Phoenix, sold the property, which has been in its portfolio for about 24 years. The firm bought the property in 1998, about a year after it was built.

The property is fitted with 30-foot clear heights, 24 dock doors ,and parking for 36 trailers and 145 cars. Newer industrial properties often feature up to 40-foot clear heights, allowing for more vertical storage and operations.

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At about $480 per square foot, the deal is on the high-end for a 25-year-old warehouse, showing investors are willing to pay high prices for proximity to freeways. The Jurupa Valley warehouse is located less than a mile from the CA-60, the I-15 and the I-10.

It’s significantly lower than prices for newer industrial buildings. This month, Greenlaw Partners sold off a portfolio of new warehouses leased to Amazon in California and Utah for $580 million, or about $722 per square foot.

In February, CenterPoint bought a 108,600-square-foot warehouse on nine acres of land in Ontario from KGP Telecommunications for $52.1 million, also about $480 per square foot.

To close out 2021, the company bought three properties — in Long Beach, Ontario and La Verne — totaling 215,700 square feet. All of those warehouses were previously owned by Crown Equipment Corporation, a forklift truck manufacturer, which then leased back the buildings.