After it last traded just several years ago, a Class A industrial asset in the Inland Empire is seeing new ownership. According to public records, an entity linked to MDH Partners acquired a 333,572 square foot industrial property in Perris for $112.25 million, or about $337 per square foot. The seller in the transaction was an entity affiliated with Blumenfeld Development Group.
The property, also known as Harvill Logistics Center, is located at 21500 Harvill Ave. and consists of one building built in 2021 on 16.86 acres. The building stands two stories and has 46 dock-high doors and 64 trailer parking stalls as well as a 7,976 square foot office space.
When it was built in 2021, the property was acquired for just $57.5 million, or about $172 per square foot, according to The Registry’s previous reporting. At that time, the property was purchased by a partnership between Blumenfeld Development Group, CH Realty Partners and Declaration Partners. The property was sold by Rockefeller Group.
Around that same time, Packable, the parent company of Pharmapacks, signed a 12-year lease for the entirety of the building.
The property’s new owner, MDH Partners, was founded in 2005 and has since participated in more than $6 billion worth of real estate acquisitions, developments and asset management. Currently, the firm manages approximately $1 billion worth of assets under management and the company’s portfolio spans approximately 35 million square feet across 30 cities, according to its website.
