251 E. Rider St. Picture courtesy of Colliers
GLP Capital Companions has acquired Rider Distribution Middle, a 354,810-square-foot, single-tenant industrial facility in Perris, Calif. The Class A property modified fingers in a $90 million deal, brokered by Colliers. In accordance with CommercialEdge information, the vendor was an entity linked to WPT Capital Advisors.
The property is at the moment totally leased to iDC Logistics, a Los Angeles-based third-party logistics firm. Accomplished in 2019, the ability sits on 16.3 acres and options 36-foot clear peak, 47 dock-high doorways, a truck court docket, together with parking areas for 64 trailers and 183 vehicles.
Situated at 251 E. Rider St., the constructing is 17 miles from Riverside, Calif., 25 miles from San Bernardino, Calif., providing entry to Interstate 215. Different firms within the surrounding space embrace Whirlpool, Lowe’s, Amazon and House Depot, amongst others.
The Colliers workforce concerned within the transaction included Vice Chair Michael Kendall, Senior Vice President Gian Bruno and Vice President Kenny Patricia, alongside Vice Chair Mark Zorn and Government Vice President Cory Whitman. Kendall completely listed the property and represented the vendor.
A current Colliers report exhibits that industrial funding within the Inland Empire might decelerate, as a consequence of present financial woes. Whereas having one of many lowest emptiness charges throughout all U.S. markets, the area’s asking rents reached a report excessive throughout the third quarter of 2022, marking a 58 p.c improve year-over-year.
Regardless of predictions of a slowdown, plenty of massive transactions passed off up to now months throughout the area. KKR paid $137 million for a 281,000-square-foot warehouse in Eastvale, Calif., whereas TA Realty bought two Inland Empire amenities for $133.5 million.
