Adding to a number of recent industrial deals in the Inland Empire, a 361,346 square foot distribution facility in Riverside recently traded for $120 million, according to Colliers, which brokered the deal. In a deal that took place on Jan. 18, Loctek Inc., a manufacturer of ergonomic furniture, sold the property to Lance Drive Logistics Center ILP LLC.
Colliers’ Mark Zorn and Cory Whitman represented the buyer in the transaction.
The property is located at 6075 Lance Dr. and consists of one building constructed in 2020. The building sits on 18.17 acres and includes two grade level doors, a secure truck court with 53 trailer parking spaces and 177 vehicle parking spaces.
The building is situated north of the March Air Reserve Base near Interstate 215. Neighboring the property is Sycamore Canyon Park. The property is also within close proximity to several other industrial buildings occupied by companies like Ralphs, Big 5 and Kroger.
Overall, Riverside is home to a large supply of industrial real estate and has seen a number of sales transactions take place in the past year.
In April, Prologis purchased a 303,100 square foot industrial asset at 6975 Sycamore Canyon Blvd. for $83.5 million, or about $275 per square foot, according to previous reporting from The Registry. The property was sold by MAT Holdings Inc., an Illinois-based manufacturing company.
In another deal that closed in March, an affiliate of IDS Real Estate paid $225 million, or about $187 per square foot for a 1.2 million square foot cold storage facility in Riverside. The property is located at 14800 Meridian Parkway near the March Air Reserve Base.
