Inland Empire Warehouse Sells for $16M

Cushman & Wakefield has arranged the sale on behalf of the owner, Newcastle Partners. The asset, completed in 2017, offers easy access to Interstate 215.
Harley Knox Logistics Center

TA Realty LLC has acquired Harley Knox Logistics Center, a Class A industrial building in Perris, Calif., for $16.4 million. Cushman & Wakefield arranged the deal on behalf of the seller, Newcastle Partners. The buyer was represented in-house. The 147,000-square-foot building is fully occupied by Hardwoods Specialty Products on a long-term lease.

The industrial facility is located at 17610 Harvill Ave., on 8.2 acres, alongside Interstate 215, near Kraft Foods, Amazon, Lower and Home Depot. The center was completed in 2017 and features 104 parking stalls, 26 loading docks, 32-foot clear height and a 160-foot truck court. The tenant uses the facility for warehousing, distribution and will-call pick-up center.

β€œInstitutional capital is looking now more than ever to make an investment in the Inland Empire region as a result of the increased tenant demand based mainly upon e-commerce fulfillment centers,” said Dennis Higgs, managing partner with Newcastle Partners, in prepared remarks. β€œThe demand has been unprecedented with mind-boggling land value and rental rate increases.”

Image courtesy of Yardi Matrix