(EDITOR’S NOTE: According to sources familiar with the transaction, the property was sold for $57.5 million, or approximately $172 per square foot.)
PERRIS, Calif. — Blumenfeld Development Group (BDG), CH Realty Partners, and Declaration Partners have acquired a newly-built 333,572 sf fulfillment center in the County of Riverside in Southern California’s Inland Empire. The property is located at 21500 Harvill Avenue adjacent to the City of Perris with immediate proximity to the area’s logistics infrastructure and commercial centers. Declaration’s equity for the investment comes from Declaration Partners Real Estate Fund I. Terms of the acquisition were not disclosed.
The fulfillment center is a brand-new Class A industrial property designed for modern e-commerce supply chain operations. The property’s central location within the Inland Empire provides access to key transportation nodes such as the Los Angeles ports and the Ontario freight airport, and major West Coast population centers.
Packable, the parent company of Pharmapacks, an e-commerce logistics company, has signed a 12-year lease covering the facility’s entire footprint. BDG, a family-owned full-service real estate development firm, worked with CH Realty Partners to identify the site for Packable.
“We are excited to have found this property, which is well-suited to our West Coast expansion and future growth,” said Chris Pfeiffer, Chief Operations Officer of Packable. “We are thrilled with our partnership with BDG, which has led us to this optimal location to serve our West Coast customers.”
“We are happy to facilitate Packable’s national expansion plans, building on our existing relationship in support of their East Coast operations,” said David Blumenfeld, Vice President of BDG. “The success of this process and transaction is a reflection of BDG’s appeal as a full-service real estate company to both tenants and investors.”
“This is a premium facility located in one of the most active markets in the country, as the Inland Empire has very little industrial warehouse buildings available to lease or buy. Our timing was great, and we are pleased to partner with BDG and Declaration in acquiring this property,” said Philip Cyburt, Principal at CH Realty Partners, a West Coast-based real estate firm focused on the industrial sector.
“We are pleased to work with BDG and CH Realty Partners,” said Matthew Cohen, Partner of Declaration Partners. “Our flexible, long-term approach to partnerships has resonated with talented operators like BDG and CH Realty, generating differentiated real estate investment opportunities for our investors.”
About Declaration Partners
With over $1.7 billion in assets under management, Declaration Partners is a private investment firm specializing in real estate, growth equity, platform company investments, fund seeding, and other opportunistic strategies. Declaration’s real estate investment business provides flexible capital solutions for select real estate operators to create sustainable long-term value. With headquarters in New York and an office in the Washington, DC area, Declaration invests on behalf of family offices and like-minded institutional investors.
About Blumenfeld Development Group
Blumenfeld Development Group (BDG) is a full-service real estate development firm with a diverse portfolio in the New York metropolitan region that is expanding into other national markets. BDG develops all asset types including industrial and logistics, multifamily, retail, office, medical office, aviation related, and experiential entertainment. BDG services include leasing, acquisitions, property management, construction, land use, architecture, engineering, and design. BDG not only supports a host of charitable based initiatives, but regularly invests in the local communities in which it develops.
About CH Realty Partners
CH Realty Partners LLC (CHRP) is a real estate development firm based in Los Angeles that is focused on land and ground-up industrial investment opportunities in the Western United States. CHRP currently owns and is developing approximately 1,200 acres of industrial/commercial land that affords over 11 million square feet of development rights located in the Southern California Inland Empire market. The principals of CHRP have a long history in land and business park development, along with large-scale project management of complex entitlement and rezoning coordination within the broader California markets. CHRP has institutional capital investors that seek value-add opportunities within the industrial real estate space.