Invesco Real Estate CEO Scott Dennis and the property
Invesco Real Estate, an arm of Atlanta-based investment manager Invesco, has acquired a massive distribution center in Riverside for about $52.5 million, The Real Deal has learned.
At nearly 503,600 square feet, the deal pencils out to roughly $104 per square foot, a source familiar with the deal confirmed.
The seller of the property, dubbed Meridien Distribution Center II, was Sun Life Assurance Co. of Canada, a financial services company based in Toronto.
Located at 22000 Opportunity Way, the facility is part of the master-planned Meridien Business Park industrial campus. Once completed, the property will feature more than 16 million square feet of space spread out over 1,290 acres — an area more than one-and-a-half times the size of New York’s Central Park.
Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield brokered the deal in partnership with a capital markets team from the firm’s Orange County office. They will also serve as listing agents for the property.
Demand for industrial properties outside of Los Angeles has increased in recent years as a tight supply continues to drive up prices in places like the South Bay. The Inland Empire, which is about 40 miles east of L.A., has become an attractive alternative to investors.
Last month, a joint venture between Canadian firm Ivanhoe Cambridge and CapRock Partners announced plans to develop a $450 million industrial campus in Ontario, also in the Inland Empire. The logistics complex will span about 3 million square feet of industrial space, spread across 11 buildings.
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