In a joint venture with an institutional partner, Los Angeles-based investment firm Dedeaux Properties has purchased a 1 million-square-foot industrial property in Riverside, Calif., for $94.2 million, according to property records. The seller was Hillwood Investment Properties, according to Yardi Matrix info.
A Colliers International team of Ian DeVries and Chris DeVries represented both the buyer and the seller in the deal and will be handling leasing for the property.
According to the firm, the deal marks the largest single-asset industrial acquisition in Southern California so far this year. The warehouse and distribution center is located at 6275 Lance Drive on 52 acres and features 147 dock-high loading doors, four ground-level loading doors, 36-foot warehouse clearance with cross-dock loading, an ESFR sprinkler system and two secured truck courts with 192 trailer parking spaces.
Built in 2018, the industrial property is situated within the 920-acre Sycamore Canyon Business Park, which counts Amazon, Big 5 Sporting Goods, Pepsi Bottling and Kroger as corporate neighbors. Located in the Inland Empire, the property offers close access to major thoroughfares such as Interstate 215 and California State Route 60.
The acquisition comes on the heels of Dedeaux’s recent acquisition of an adjacent property that is nearing completion. Together, the two buildings total about 1.4 million square feet and have been branded the Dedeaux Sycamore Canyon Distribution Park. The company has been actively acquiring industrial properties in Southern California recently, including a cold storage facility in Central Los Angeles and truck terminal developments in the Inland Empire West. Last summer, Dedeaux sold a seven-building industrial campus in the City of Industry for $50 million.