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A 1M SF Class-A industrial building in the Inland Empire has traded for a record $124M, according to brokers.
On behalf of an unidentified pension fund, Washington, D.C.-based ASB Allegiance Real Estate has acquired Columbia Business Park Phase I in Riverside from developer Trammell Crow and Washington Capital Management.
Columbia Business Park Phase I at 490 Columbia Ave. sits on a 46-acre site in Riverside’s Hunter Park. Nordstrom has signed a long-term lease to occupy the 1M SF fulfillment center, according to the Riverside Press Enterprise.
Built in 2018, the Columbia Business Park Phase I is part of the 72-acre master-planned Columbia Business Park, being developed by Trammell Crow.
Trammell Crow began construction on the 1.4M SF project in 2017. The other two phases of the park include plans to build a 371K SF distribution center and a 90K SF logistics building on an adjacent 7-acre parcel.
CBRE’s Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell and Eric Cox along with local market experts, CBRE’s David Consani and Colliers International’s Kevin McKenna, represented the sellers in the transaction.
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