{"id":1004642805,"date":"2023-02-01T05:04:52","date_gmt":"2023-02-01T13:04:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004642805"},"modified":"2023-02-01T10:59:08","modified_gmt":"2023-02-01T18:59:08","slug":"shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/","title":{"rendered":"Shopoff Realty JV Sells 1.8 MSF Inland Empire Industrial Park"},"content":{"rendered":"
\"\"<\/a>

The I-10 Logistics Center. Image courtesy of Shopoff Realty Investments<\/p><\/div>\n

The joint venture of Shopoff Realty Investments<\/strong> and Artemis Real Estate Partners<\/strong> has sold I-10 Logistics Center, a 155-acre, two-building, 1.8 million-square-foot Class A industrial campus in Cherry Valley, Calif. A Brookfield Asset Management<\/strong> fund acquired the recently completed asset. CBRE<\/strong> represented both parties in the deal.<\/p>\n

According to CommercialEdge data, the campus is fully leased by Shein, which plans to hire some 1,000 employees at the facility. The online clothing retailer announced its plans to prelease the entire campus and make it a major hub for national distribution back in September.<\/p>\n

A newly completed logistics center<\/h2>\n

The I-10 Logistics Center broke ground in 2021<\/a> at 36500 Cherry Valley Blvd., the developers financing its construction with a $105 million loan from Bank OZK. The campus came online in December 2022.<\/p>\n

The park’s buildings span 814,822 and 1,017,845 square feet, respectively, featuring 40-foot clear heights and a total of 296 dock-high doors. The entire complex is LEED Silver-certified, fully powered by a surrounding array of solar panels.<\/p>\n

\n

READ ALSO:<\/strong> Investment Matters: Answering the Call of Opportunity<\/a><\/p>\n

\n

The joint venture also improved the I-10 interchange at Cherry Valley Boulevard to both ease road traffic and enhance the property\u2019s visual appeal. Additionally, the project preserved 85 acres of land as open space and saw the construction of 2 miles of pipes for the use of recycled water for irrigations.<\/span><\/p>\n

Situated within 1 mile of its namesake, inside the nation’s most in-demand<\/a> industrial market, the facility provides quick access to the Inland Empire and metro Los Angeles, and has coast-to-coast transportation capabilities. Shopoff President & CEO William Shopoff detailed the value of the assets’ location further, telling Commercial Property Executive<\/em>, “It is clear the Inland Empire is still a highly sought after location for e-commerce companies. The proximity to the to the ports of Long Beach and Los Angeles, coupled with direct access to I-10 will make this property highly desirable by tenants for decades to come.”<\/p>\n

CBRE Vice Chair Barbara Perrier and Vice Chairman & Managing Director Darla Longo, together with Senior Vice Presidents Eloy Covarrubias and Joe Werdein, brokered the transaction.<\/p>\n

Brookfield\u2019s logistics buildup<\/h2>\n

The I-10 Logistics purchase is Brookfield\u2019s latest in a string of recent country-wide investment and development efforts centered around distribution and logistics assets. In December 2022, the firm began the development of Windsor 8 Logistics Center<\/a>, a 325,170-square-foot facility in East Windsor, N.J.<\/p>\n

Earlier that year, in August, Brookfield acquired 161 acres for the construction of Rockland Logistics Center<\/a>, a 1.2 million-square-foot campus in Suffern, N.Y. Groundbreaking is expected this spring, with completion scheduled for summer 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Brookfield Asset Management fund acquired the recently completed asset.<\/p>\n","protected":false},"author":3012,"featured_media":1004642806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,34027,21783,21742,15],"tags":[34570,33497,32789,32779,33397],"class_list":["post-1004642805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-artemis-real-estate-partners","tag-brookfield-properties","tag-cbre","tag-leed","tag-shopoff-realty-investments"],"acf":[],"yoast_head":"\nShopoff Realty JV Sells Inland Empire Industrial Park - CPE<\/title>\n<meta name=\"description\" content=\"Shopoff Realty Investments and Artemis Real Estate Partners sold I-10 Logistics Center to a Brookfield Asset Management fund.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shopoff Realty JV Sells 1.8 MSF Inland Empire Industrial Park\" \/>\n<meta property=\"og:description\" content=\"Shopoff Realty Investments and Artemis Real Estate Partners sold I-10 Logistics Center to a Brookfield Asset Management fund.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T13:04:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-01T18:59:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Image-0518-5D4-1200x675-1-e1675253880863.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/\",\"name\":\"Shopoff Realty JV Sells Inland Empire Industrial Park - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Image-0518-5D4-1200x675-1-e1675253880863.jpg\",\"datePublished\":\"2023-02-01T13:04:52+00:00\",\"dateModified\":\"2023-02-01T18:59:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Shopoff Realty Investments and Artemis Real Estate Partners sold I-10 Logistics Center to a Brookfield Asset Management fund.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-jv-sells-1-8-msf-inland-empire-industrial-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Image-0518-5D4-1200x675-1-e1675253880863.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Image-0518-5D4-1200x675-1-e1675253880863.jpg\",\"width\":801,\"height\":600,\"caption\":\"The I-10 Logistics Center. 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