Dedeaux Properties JV Sells Inland Empire Warehouse for $44M
- Oct 01, 2020
A partnership between Dedeaux Properties and Artemis Real Estate Partners has closed on the $44.4 million disposition of a 361,346-square-foot distribution center in the Inland Empire. The buyer, office furniture manufacturer Loctek Ergonomic, will relocate from a facility in Livermore, Calif.
The building, located at 6075 Lance Drive in Riverside’s Sycamore Canyon Business Park, marks the second divestment the partnership has made in the area this year. In February, Yardi Matrix shows TA Realty paid more than $130 million for Dedeaux’s other, 1 million-square-foot property just to the south.
Loctek’s new property delivered in October 2019 and boasts a range of features, with 32-foot clear heights, 37 loading docks and two drive-in doors. As part of the sale transaction, Dedeaux will implement tenant improvements, adding extra dock levelers, lighting with motion sensors and a backup power station. The building’s secured truck courts have parking for 53 trailers and auto parking is available on-site for nearly 170 vehicles. The structure also has 7-inch Ductilecrete concrete flooring and ESFR fire sprinkler systems.
Colliers International’s Ian DeVries, Chris DeVries and Patricia Uchytil acted on behalf of the seller in the deal.
Despite the pandemic’s headwinds for commercial real estate, industrial investments have thus far remained relatively healthy—even thriving—due to the rapid growth of e-commerce. Both large-scale distribution centers and last-mile facilities continue to be in demand, though absorption of new deliveries could fall before the end of the year.