By Holly Dutton
Rockefeller Group has completed construction of two industrial projects in California totaling nearly 1.9 million square feet. The development firm subsequently sold two of the four buildings, which encompass approximately 1.1 million square feet, to Ferguson Enterprises Inc. and 4F Capital LLC.
Within the two projects, the firm constructed four buildings designed for flexibility and divisibility to accommodate growing market demand.
The sale to Ferguson Enterprises is a 1 million-square-foot distribution building at Optimus Logistics Center in Perris, Calif. The company, a distributor of plumbing supplies, will move and expand its Ontario, Calif., operations to the new site.
The second deal was an 81,286-square-foot building in San Bernardino, Calif., sold to 4F Capital.
“In today’s competitive environment, acquiring land in the Inland Empire to develop industrial buildings is challenging,” said James Camp, senior vice president & regional development officer for Rockefeller Group’s West Region, in prepared remarks. “But to be able to lease or sell a building prior to completion of construction rewards all the effort and serves as a testament to the continued exceptional demand for quality industrial real estate in the region.”
Mike McCrary, Peter McWilliams and Sharon Wortmann of JLL represented Rockefeller Group for the sale at Optimus. Darla Longo, Bill Pellington, Len Santoro, Joey Sugar and Kevin Wille of CBRE represented Ferguson.
Chuck Belden, Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield represented Rockefeller Group for the sale at Tri-City. Rick Nunez of Colliers International represented 4F Capital.
In June, Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold a Boston trophy tower for $418 million to Heitman Capital Management.
Image via Rockefeller Group