Rockefeller Group has sold Harvill Logistics Center totaling more than 300,000 square feet in Riverside County, California for $57.5 million.
Rockefeller Group acquired approximately 30 acres of property in Riverside County for the development of two projects totaling 623,109 square feet in September 2020. The second project, a 289,556-square-foot speculative distribution building, Val Verde Logistics Center, was recently completed and is being marketed for lease or sale.
The new building was acquired by CH/BDG Harvill, LLC, a joint venture partnership between CH Realty Partners LLC and Blumenfeld Development Group.
“The Inland Empire market continues to show strong demand heading into the third quarter of 2021 as evidenced by our sale of Harvill to a joint venture of CH Realty and Blumenfeld,” said James V. Camp, Senior Managing Director, West Region, for Rockefeller Group. “We received multiple offers on the property and are pleased that the joint venture has closed escrow on the purchase of the building.”
“CH Realty Partners and Blumenfeld Development are very pleased to have the opportunity to invest in the Inland Empire with Harvill Logistics Center,” said Philip Cyburt, Principal, CH Realty Partners LLC.
“This deal represents a collaborative effort by all parties, one that not only reveals our respective successes in the marketplace but one that reflects the mutual respect buyer and seller has enjoyed throughout this process,” said David Blumenfeld, a Principal of the Blumenfeld Development Group. “With this deal now closed, we can begin positioning the building to enable it to create jobs, benefit the local economy and spur additional investment.”
Harvill Logistics Center is the latest development for Rockefeller Group in the Inland Empire. Earlier this year, the company sold two recently completed industrial buildings totaling approximately 500,000 square feet for $80.75 million. Fontana Santa Ana industrial Center, a 297,161-square-foot distribution center, was sold to Haralambos Leasing Company for $54 million and Centerpointe Commerce Center, a 203,944-square-foot distribution center, was sold to Lone Oak – Moreno Valley, L.L.C. for $26.75 million.