In a show of strength for the Inland Empire’s industrial market, more properties are continuing to sell. In one recent transaction, an entity linked to EQT Exeter sold a 596,090 square foot distribution center in Riverside to an entity tracing to Mike Kupferstein of High Tech Logistics for $78 million, or about $131 per square foot.
The property is located at 14063 Brown St. on more than 35 acres. The property was built in 2019 and is currently also occupied by High Tech Logistics, a third party logistics provider in Southern California.
High Tech Logistics has approximately 800,000 square feet of warehousehouse space located throughout Southern California, according to its website. The logistics provider services a number of major companies, including Walmart, Amazon, Kohl’s and many others.
The Riverside location is situated near the March Air Reserve Base, an area just off Interstate 215 that is home to a significant number of industrial users. Nearby are various distribution centers and warehouses occupied by companies like Hot Topic, United Natural Foods, Burlington and more.
Founded in 2006, EQT Exeter develops, manages and invests in logistics, office, life science and residential properties across the globe. With 45 offices located in 20 countries, the company also has $30 billion worth of assets under management.
Riverside has been no stranger to industrial sales transactions over the past several months. In one deal that closed in January, a 361,346 square foot distribution facility was sold for $120 million, or $332 per square foot, by Loctek Inc., a manufacturer of ergonomic furniture. The buyer was Lance Drive Logistics Center ILP LLC. The property is located at 6075 Lance Dr. and consists of one building constructed in 2020.
