Inland Empire Distribution Center Trades for $90M – What is a Ground Lease?

, Inland Empire Distribution Center Trades for $90M – What is a Ground Lease?, Robert Khodadadian

251 E. Rider St. Image courtesy of Colliers

GLP Capital Partners has acquired Rider Distribution Center, a 354,810-square-foot, single-tenant industrial facility in Perris, Calif. The Class A property changed hands in a $90 million deal, brokered by Colliers. According to CommercialEdge data, the seller was an entity connected to WPT Capital Advisors.

The property is currently fully leased to iDC Logistics, a Los Angeles-based third-party logistics company. Completed in 2019, the facility sits on 16.3 acres and features 36-foot clear height, 47 dock-high doors, a truck court, along with parking spaces for 64 trailers and 183 cars.

Located at 251 E. Rider St., the building is 17 miles from Riverside, Calif., 25 miles from San Bernardino, Calif., offering access to Interstate 215. Other companies in the surrounding area include Whirlpool, Lowe’s, Amazon and Home Depot, among others.

The Colliers team involved in the transaction included Vice Chair Michael Kendall, Senior Vice President Gian Bruno and Vice President Kenny Patricia, alongside Vice Chair Mark Zorn and Executive Vice President Cory Whitman. Kendall exclusively listed the property and represented the seller.

A recent Colliers report shows that industrial investment in the Inland Empire could slow down, due to current economic woes. While having one of the lowest vacancy rates across all U.S. markets, the region’s asking rents reached a record high during the third quarter of 2022, marking a 58 percent increase year-over-year.

Despite predictions of a slowdown, a number of large transactions took place in the past months within the region. KKR paid $137 million for a 281,000-square-foot warehouse in Eastvale, Calif., while TA Realty purchased two Inland Empire facilities for $133.5 million.

The post Inland Empire Distribution Center Trades for $90M appeared first on Commercial Property Executive.

 Industrial, Inland Empire, Investment, News, West, Colliers, GLP 

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