Rockefeller Group has sold Val Verde Logistics Center, a 289,407-square-foot distribution center in Perris, Calif., for $92 million. Lee & Associates represented the company on the property’s leasing and sale, while Cushman & Wakefield represented Rockefeller on the investment sale element.
Completed in October 2021, the logistics center is currently fully leased. Herdman Architecture + Design designed the development, Kimley-Horn engineered the facility, while RM Dalton served as general contractor.
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Val Verde Logistics Center broke ground in 2020 and covers roughly 13 acres. The property comprises 182 parking spaces in a 0.63 spaces per 1,000 square feet parking ratio, according to CommercialEdge data. The facility also has 36-foot clear heights, a truck court of approximately 185 feet and is equipped with an ESFR sprinkler system, according to the same data provider. The development’s sister project, the 333,572-square-foot Harvill Logistics Center in Perris, Calif., traded for $57.5 million last September.
Located at 23458 Cajalco Road, the property provides easy access to Interstate 215 via Harvill Avenue. Downtown Riverside is some 15 miles northwest of the development. James Camp, Senior Managing Director for Rockefeller Group’s West Region, said in prepared remarks that the company will continue to develop in the Inland Empire and San Diego markets despite the region’s limited supply of land and strong competition.