KKR has acquired a new 406,650-square-foot industrial distribution building situated within the 1.5 million-square-foot Optimus Logistics Center in Perris, Calif. Rockefeller Group sold the asset for $43.5 million.
“The property is a state-of-the-art modern industrial building with unique features such as truck loading on three sides, freeway visibility and over standard trailer parking for today’s modern logistics users,” James Camp, Rockefeller Group’s senior vice president & regional development officer for West Region, told Commercial Property Executive. “We are seeing an influx of new capital in the market looking to invest in quality industrial buildings. KKR was willing to buy the building vacant and take the lease-up risk.”
Logistics in demand
Rockefeller Group teamed with MBK Real Estate to develop Optimus Logistics Center. The property sold was the second building finished at the Perris-based Logistics Center, with the first, a 1 million-square-foot distribution building sold to Ferguson Enterprises upon completion last September.
According to Camp, the successful sale of both goes to show that the Interstate 215 corridor has become a top destination for companies looking to distribute throughout the Western United States and signifies a growing appetite by investors in the area.
“The Optimus Logistics Center fits perfectly into our strategy as we will deploy the capital into other ground-up development opportunities,” he said. “The property was rezoned from commercial to industrial to make it fit within the surrounding market which is predominantly industrial and the freeway access to I-215 is second to none.”
In September, Rockefeller Group also finished building 425,500 square feet of distribution space in two buildings at Tri-City Industrial Complex in San Bernardino, Calif., with one of the properties—an 81,286-foot-building—sold to 4F Capital.
Image courtesy of Rockefeller Group