Brookfield Properties is adding to its real estate portfolio, recently acquiring approximately 40 acres of land in Rialto. According to Vizzda records, the company paid $72 million for the land. The seller in the transaction is an entity linked to UPS.
The property is situated on the southwest corner of Locust Avenue and Lowell Street and is within close proximity to a number of industrial properties, with occupants including Target, FedEx, 4 Gen Logistics and LG Electronics. It is also situated within close proximity of Interstates 15 and 215.
It is unclear what plans, if any, Brookfield has for the site.
Brookfield Properties is a subsidiary of Brookfield Asset Management. On behalf of its parent company, the firm develops and operates office, retail, industrial, hospitality and multifamily real estate across the globe.According to its website, Brookfield has more than 90 million square feet of development projects in the pipeline and 58 million square feet under active construction.
The region has seen several other pieces of land trade hands in recent months.
In one deal, 11 acres of industrial land in Beaumont was acquired by RG Legacy Investments LLC, an entity linked to Raymond Gutierrez of Commercial Lumber and Pallet Company. The property was acquired for $11 million, according to The Registry’s previous reporting.
Howard Industrial Partners also recently acquired 29 acres of land in Bloomington for $30.44 million. The property is located at 18077 Santa Ana Ave. at the corner of Locust and Santa Ana avenues to the southwest of the city.