{"id":1004648592,"date":"2023-03-01T04:58:42","date_gmt":"2023-03-01T12:58:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004648592"},"modified":"2023-05-02T02:50:54","modified_gmt":"2023-05-02T10:50:54","slug":"cbre-fund-acquires-major-inland-empire-logistics-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-fund-acquires-major-inland-empire-logistics-site\/","title":{"rendered":"CBRE IM, Hillwood Buy Major Inland Empire Logistics Site for $559M"},"content":{"rendered":"
\"\"<\/a>

A rendering of the Speedway project. Image courtesy of CBRE Investment Management<\/em><\/p><\/div>\n

In a $559 million deal, Hillwood Investment Properties<\/strong> and \u00a0CBRE Investment Management<\/strong> have purchased 364 acres of land, which will host the first phase of Speedway Commerce Center. Auto Club Speedway<\/strong> sold the property in a deal arranged by Corion Properties<\/strong>.<\/p>\n

Hillwood and CBRE Investment Management’s acquisition is of the land under the project, with the firms intending to further invest in the project itself, according to a spokesperson.<\/p>\n

The sale of the project\u2019s second phase, encompassing 69 acres, is scheduled to close on or before Dec. 31, 2026.<\/p>\n

Upon completion, the multi-building logistics<\/a> campus will total 6.6 million square feet. Located at 9300 Cherry Ave., in Fontana, Calif., the project sits within the western part of the Inland Empire region in the southern part of the state. CBRE Investment Management Portfolio Manager Mary Lang said, in a prepared statement, that the area is one of the world’s top distribution markets.<\/p>\n

Buildings at the site will have 40-foot clear heights, cross-dock loading and 185-foot concrete truck courts, as well as parking for employees and more than 100 acres of excess trailer parking.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Emerging Industrial Markets<\/a><\/p>\n

\n

Speedway will offer easy access to interstates 15 and 10, as well as the San Bernardino BNSF freight railway’s Intermodal Yard. CBRE Investment Management touted the project’s proximity to the ports of Long Beach and Los Angeles in its statement, which also noted that Inland Empire\u2019s logistics vacancy rate was an attractive 1.2 percent in 2022, with rent growth at 35.4 percent. Fontana itself had a 0.3 percent vacancy rate in 2022, as well as a 36.9 percent rent growth rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Speedway Commerce Center is expected to include as much as 6.6 million square feet.<\/p>\n","protected":false},"author":3154,"featured_media":1004648604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,34027,21783,21742,15],"tags":[32789,51764],"class_list":["post-1004648592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-cbre","tag-cbre-investment-management"],"acf":[],"yoast_head":"\nCBRE IM, Hillwood Buy Major Inland Empire Logistics Site for $559M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Near the ports of Long Beach and Los Angeles, the Speedway Commerce Center will be located in one of the world's top distribution markets.\" \/>\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\/cbre-fund-acquires-major-inland-empire-logistics-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE IM, Hillwood Buy Major Inland Empire Logistics Site for $559M\" \/>\n<meta property=\"og:description\" content=\"Near the ports of Long Beach and Los Angeles, the Speedway Commerce Center will be located in one of the world's top distribution markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-fund-acquires-major-inland-empire-logistics-site\/\" \/>\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=\"2023-03-01T12:58:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-02T10:50:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Speedway-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fotios Tsarouhis\" \/>\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\/cbre-fund-acquires-major-inland-empire-logistics-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-fund-acquires-major-inland-empire-logistics-site\/\",\"name\":\"CBRE IM, Hillwood Buy Major Inland Empire Logistics Site for $559M - 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