Riverside, CA – Cushman & Wakefield announced today that the firm has brokered the sale of Meridian Distribution Center II in Riverside, Calif.
Located at 22000 Opportunity Way, the 503,592-square-foot facility is part of the master-planned Meridian Business Park industrial campus comprising over 1,290 acres west of the I-215 freeway and which will feature 16 million square feet of building space upon completion.
Invesco Real Estate, a global real estate investment manager, acquired the asset from Sun Life Assurance Company of Canada through its advisor Bentall Kennedy. Both the buyer and seller were represented by Phil Lombardo, Chuck Belden, and Andrew Starnes in Cushman & Wakefield’s Ontario office, who will also serve as exclusive leasing agents for the property. The team worked in partnership with Capital Markets specialists Jeff Chiate, Jeffrey Cole, Mike Adey, and Ed Hernandez in the firm’s Irvine office for the transaction.
“As ecommerce continues to fuel growth in the region, we are seeing continued interest from institutional investors looking for state-of-the-art industrial assets in the Inland Empire East submarket to add to their portfolio,” said Phil Lombardo, Vice Chairman in Cushman & Wakefield’s Ontario office.
The overall vacancy rate in the Inland Empire was 4.1 percent as of second quarter 2018, according to Cushman & Wakefield research.
“Invesco Real Estate would like to thank Sun Life and the Cushman & Wakefield team for their efforts on this transaction. We are very pleased to have acquired a high-quality asset in the Inland Empire and continue to have a strong interest in similar opportunities going forward,” said Tucker Wincele, Director, Transactions with Invesco Real Estate.
Construction on Meridian Distribution Center II was completed by West Coast developer, Newcastle Partners earlier this year. The facility spans 26.93 acres of land and features 36’ interior clearance, 88 dock high doors, 150 trailer parking stalls, and 217 car parking spaces. In addition to its freeway-adjacent location, the property provides easy access to the Los Angeles and Long Beach Ports and is only 30 miles to the Ontario International Airport. Select corporate tenants at Meridian Business Park include Kia Motors, Sysco, Amazon, UPS, and McLane Company.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.