Crow Holdings sells Amazon-leased warehouse for $102M

UPDATED, July 7, 2022, 9:05 a.m.: A Dallas-based developer has sold an Amazon warehouse in Bloomington less than a year after finishing construction.

Crow Holdings sold a 344,000-square-foot distribution facility at 18025 Slover Avenue for $102 million, according to JLL. The brokerage’s Mark Detmer, Ryan Ritov and Evan Moran handled the deal on behalf of Crow.

An entity linked to Salt Lake City-based Property Reserve bought the property, according to public records filed with San Bernardino County. Property Reserve manages real estate assets owned by the Church of Jesus Christ of Latter-Day Saints.

The property, designed as a last-mile robotic warehouse, is fully leased to Amazon.com for at least 10 years, lease documents filed with the county show. Amazon has options to extend the lease for up to 20 more years.

Crow’s sale calculates to about $296 per square foot — a low price for an Amazon warehouse, but high for a deal further out in the Inland Empire. Last month, Greenlaw Partners sold an Amazon-leased portfolio across California and Utah for about $650 per square foot.

The low price point could suggest Amazon doesn’t have the same weight it once did as a tenant — the company is looking to shed industrial space after rapidly doubling its warehouse footprint during the pandemic. The lease in Bloomington was one of the many leases it signed in the last two years.

Crow Holdings isn’t leaving Bloomington, or the Inland Empire, altogether. The company recently bought about 13 acres of industrial real estate at 2524 South Lilac Avenue in Bloomington for $72 million, or $127 per square foot.

That property includes a 9-acre trucking yard currently occupied by Alliance Shippers, a logistics and trucking firm based in New Jersey.

A previous version of this story incorrectly named the buyer as an entity linked to Terra Enterprises. Terra is not involved in the deal.