Recent deals in the Inland Empire continue to highlight the region’s ranking as one of the top industrial markets in the United States. In a recent transaction, a 1.2 million square-foot cold storage facility in Riverside was acquired by an affiliate of IDS Real Estate Group for $225 million, or about $187.50 per square foot, according to a source with knowledge of the transaction.
According to an announcement from IDS Real Estate Group, the deal for the property, located at 14800 Meridian Parkway, was brokered by a Savills brokerage team led by Steve Levine, David Heller and Jeff Cannon.
Currently, the cold storage facility is fully occupied by United Natural Foods Inc., a food wholesaler with locations across the United States and Canada.
UNFI’s Riverside location is in close proximity to the March Air Reserve Base and the March Field Air Museum. The property is just off of Interstate 215, and near a number of other industrial properties, with occupants including Albertsons, McLane Global Logistics and Safco Products, among others.
Overall, the Inland Empire maintains a robust industrial market with a record low vacancy rate of 1.2 percent as of the fourth quarter of 2021. According to a fourth quarter industrial market report for the region from DAUM Commercial Real Estate Services, sales volume across the Inland Empire has increased by 34.4 percent, with $847 million in sales during the fourth quarter of the year. The median price per square foot also increased about 7.1 percent from the previous quarter to $256.43 per square foot. During 2021, the brokerage firm reported a total sales volume of $2.7 billion throughout the Inland Empire.
IDS Real Estate Group is a Los Angeles-based real estate investment, development and management company founded in 1986. According to the company’s website, IDS Real Estate Group has a management portfolio spanning approximately 35 million square feet and more than 50 clients and partners, including CALSTRS, PNC, Clarion Partners, Boeing and many others.
