Black Creek Group, a Denver-based real estate investment management firm, has bought 41.5 acres for the development of a 683,000-square-foot logistics center in east Riverside.
Terms of the deal, which closed Nov. 12, were not disclosed. The seller was Orbis, a Newport Beach firm that was represented by CBRE.
The two-parcel property sits at the northwest corner of Harvill and Placential Avenues.
The logistics facility is being built a speculative property. Warehouse activity has been especially hot in the Inland Empire as the coronavirus pandemic has led to a swell in online buying.
In a statement, Black Creek Group said it’s in discussions with a general contractor, but “final agreements have not been put in place at this time.”
“The two land parcels we acquired are not only ideally located with access to major transportation corridors and large population centers, but they also provide us with the flexibility to suit a variety of tenant needs,” the firm said in the statement.
Black Creek said it would build the 683,000-square-foot facility with the flexibility to develop the adjacent 11.3-acre parcel “to best serve any potential tenants’ needs such as additional trailer or auto parking.”
The land is already entitled, Black Creek said, so the company can move quickly to get the facility to market.
Black Creek said construction on the facility would begin in February.
A newly developed retail property occupied by Taco Bell at 1460 Sixth St. in Norco has been sold for $2.67 million, according to SRS Real Estate Partners’ National Net Lease Group. Matthew Mousavi and Patrick Luther at SRS represented the seller, a local developer. The buyer, an unidentified investor, was represented by Hunter Morgan of CURB Realty. (Courtsy of SRS Real Estate Partners)
Annual coat drive begins
Burlington Stores and the nonprofit Delivering Good have launched the 14th annual Burlington Coat Drive.
Customers can donate a new or gently worn coat at any Burlington store location through Jan. 4. Customers who donate will get 10% off an entire purchase at the discount retail store.
Delivering Good will make sure that donated coats are kept within that store’s local community.
The coat drive has collected some 2.3 million coats in 13 years, according to Burlington.
Taco bell property sells for $2.7M
A newly developed retail property occupied by Taco Bell at 1460 Sixth St. in Norco has been sold for $2.67 million, according to SRS Real Estate Partners’ National Net Lease Group.
Matthew Mousavi and Patrick Luther at SRS represented the seller, a local developer. The buyer, an unidentified investor, was represented by Hunter Morgan of CURB Realty.
The building at Norco Gateway Shopping Center sits on a half-acre and has 2,558-square-feet and includes a drive-through.
“This is the second asset we have sold at Norco Gateway Center as part of a break-up strategy in order to maximize the value for our seller/developer client,” Mousavi said in a statement.
SRS also completed the $6 million sale of the Grocery Outlet property in October.
Diaz Commerce sells for $14M
Diaz Commerce Center, a 131,577 square-foot industrial building at 27711 Diaz Road in Temecula, has been sold to a local investor for $14 million, according to the seller, MCA Realty.
“There continues to be strong demand for well-located, quality industrial assets across the Inland Empire,” Tyler Mattox at MCA Realty said in a statement. “Industrial properties, including multi-tenant industrial, is an asset class that has continued to perform despite the pandemic.”
MCA Realty initially acquired the property, which consists of two separate buildings, in September 2018 for $10 million.
Scott Stewart at Lee & Associates represented MCA as the seller. Barret Woods at Lee & Associates represented the buyer.
Colton industrial complex sells
La Crosse Business Park, a six-building, 113,893 square-foot complex at 2273 to 2283 La Crosse Avenue in Colton, has been acquired by and Orange County investor.
Terms of the deal were not disclosed by the brokerage, Avison Young.
The complex has 25 tenants occupying 86% of the property.
Avison Young Principals Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office, represented the buyer. The seller, a Los Angeles-based private owner, was represented by Nicolas Chang of NAI Capital.
Fontana buildings sell
Two industrial buildings at 7580 and 7630 Cherry Ave. in Fontana have been sold to Dermody Properties.
The Class A buildings are occupied but will be available for lease in mid-April 2021 and early June 2021, respectively, the firm said.
Terms of the acquisition and the seller’s name were not disclosed by Dermody.
Completed in 2008, each building has 30-foot clear height, 18 dock-high doors, two drive-in doors and a sprinkler system. As for size, 7580 Cherry Ave. has 84,364 square feet and 7630 Cherry Ave. has 119,087 square feet. There is a central, 179-foot concrete truck court. Dermody said the two buildings can accommodate four tenants.
Cushman & Wakefield’s Industrial Advisory Group West presented this opportunity to Dermody Properties. Phil Lombardo, Andrew Starnes and Cruise Adams of Cushman & Wakefield will be the leasing agents for the properties.