Alterra Group is continuing to add to its growing industrial portfolio, with the recent acquisition of a 7,200 square foot industrial property in the Inland Empire. According to public records, the Philadelphia-based investment company acquired the industrial property in Rialto, Calif. for $17 million, or approximately $2,361 per square foot. The seller in the transaction is an entity affiliated with Olson Precast.
Located at 2239 W Stonehurst Drive, the property consists of three industrial buildings on five acres. Just north of State Route 210, the property is situated amongst a number of industrial buildings, including a Target distribution center, several buildings occupied by Amazon, Under Armour, Niagara Bottling Company and many others.
The buildings were constructed in 1978 and are occupied by Olson Precast. According to its website, the company is a precast and cast-in-place concrete contractor that was founded in Las Vegas in 1989. With its location in Rialto, the company also is located throughout Arizona and in Nevada.
Alterra Property Group is a real estate development, investment and management company with more than $2 billion in real estate investments. The company’s industrial outdoor storage platform focuses on acquiring and developing industrial sites throughout the United States. Currently, its portfolio consists of more than 150 properties in more than 30 states.
In March, the company raised $500 million of commitments for its Alterra IOS Venture Fund II, as The Registry previously reported. The IOS fund was created with the intention of investing capital into industrial outdoor storage facilities located in clusters near major transportation modes serving large population areas.
