Exclusive: Walmart Shells Out $223M for Inland Empire Facility

March 3, 2026

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The asset last traded a decade ago.

Walmart has acquired a 507,000-square-foot cold storage facility in Riverside, Calif., according to Yardi Matrix. The property sold for $223 million. State Street sold the asset, dubbed Burke Sycamore Business Park.

Located on more than 25 acres at 1001 Columbia Ave., the 2010-built property is less than 4 miles away from Interstate 215’s intersection with California routes 60 and 91. The Ontario International Airport operates about 18 miles northwest.

Walmart is among the LEED-certified property’s tenants, sharing the facility with Lineage. The cold storage market operator also adjusted its Golden State footprint earlier this year by selling a 226,000-square-foot asset in Santa Maria, Calif., for $60 million.

As of January 2025, Walmart owned more than 70 percent of the 164 U.S. distribution centers it operated, according to an SEC filing. However, since then, the company has ramped up its acquisitions.

In May 2025, the retail giant acquired a 1 million-square-foot asset in Salt Lake City after leasing it for three years. Then in December, it broke the record for Arizona’s biggest industrial building sale of the year by paying $152.2 million for a 1.3 million-square-foot warehouse sold by Goldman Sachs and Lincoln Property Co.

Owner-occupied deals make headlines in the Inland Empire

Inland Empire’s largest industrial deal of 2025 was also recorded by a tenant scooping up the property it leases, according to Yardi Matrix. Burlington Stores paid $257 million for Meridian Business Park, an 889,445-square-foot asset in Riverside. BlackRock sold the property.

The industrial sale volume across the market clocked in at nearly $2.2 billion in 2025, with assets trading on average for $230 per square foot, according to a Yardi Matrix report. Meanwhile, Walmart paid nearly $220 per square foot, slightly below that benchmark.

Note: A previous version of this article identified the value of the transaction as $111.5 million. This and several other details have been corrected on May 28, 2026.