In the heart of the Inland Empire, California’s premier distribution hub, a new investment opportunity has recently been brought to the market. A 692,613 square foot Walgreens Distribution Center, situated at 17500 Perris Blvd. in Moreno Valley, has recently been placed up for sale, according to a marketing brochure from CBRE, which has the listing.
Brokers for the property include CBRE’s Maury Vanden Eykel, Brian Pfohl, Bruce Westwood-Booth, Will Pike, Guy Ponticiello, Kyle Sals, Chris Bosworth, Jack Kauss and Leah Lindell, on behalf of the owner, an entity also affiliated with Walgreens, according to public records. Guidance pricing for the site is undisclosed.
The purchase of the property would include a 10- or 15-year triple net lease to Walgreen Co., a wholly-owned subsidiary of Walgreens Boots Alliance, Inc. Walgreens, a global pharmacy-led health and well-being enterprise, carries investment-grade credit ratings of “BBB” from Standard & Poor’s and “Baa3” from Moody’s, according to the marketing brochure. Moreover, Walgreens has expressed its willingness to discuss the possibility of subdividing excess land at a mutually agreed-upon time in the future.
Built in 2004, the property is positioned on a 91-acre parcel. The property has clear heights ranging from 29′ to 41′ in the main warehouse and shipping and receiving areas. Additionally, it includes an ASRS warehouse (Automated Storage/Retrieval System) with a 90′ clear height.
The property’s position within the Inland Empire places it near a number of other industrial users as well, including industry giants like Amazon, Lowe’s, Medline and Procter & Gamble. The region is renowned for its proximity to major economic centers, including the Port of Los Angeles and the Port of Long Beach, which facilitates seamless shipping and logistics operations.