Riverside Logistics Center to Add 307,394 SF to Inland Empire East Submarket
May 04, 2023
RIVERSIDE, CALIF. – Transwestern Investment Group (TIG®), on behalf of Transwestern Strategic Partners Fund III (“TSP Fund III”), announces it has acquired 15.88 acres in Riverside, California, and is partnering with Transwestern Development Company (TDC®) to build a 307,394-square-foot industrial property on the site. Construction is scheduled to begin in the third quarter of 2023, with delivery anticipated in the third quarter of 2024.
“Industrial vacancy in the Inland Empire remains tight, and big-box logistics space is in high demand,” said Mike McKenzie, Director of Acquisitions for TIG. “This facility will satisfy the needs of a user that wants convenient access to Southern California ports, major transportation routes and a strong labor pool.”
Riverside Logistics Center is located on Center Street and surrounded by Interstates 215, 10 and 15. The Class A rear and side-load facility will feature a 36-foot clear height, 70 dock doors, an ESFR sprinkler system, 9,500 square feet of Class A office space, 20 trailer stalls and 337 auto parking stalls.
“There is limited availability in the Inland Empire East submarket, especially buildings of this scale,” said John Privett, Partner – West at TDC. “The site is fully entitled, and with construction drawings nearing completion, it will enable us, along with our partners, to bring this facility to market quickly.”
Oltmans Construction will serve as the general contractor, and RGA will serve as the architect. JLL’s Mark Detmer and Hunter McDonald will handle the leasing.
Renderings are available for download here.
In October 2022, TIG announced the close of TSP Fund III. The fund closed with $325 million of commitments, the company’s largest fundraise to date, and focuses on diversified value-add investment and development opportunities in markets across the U.S. that are driven by strong job growth and global supply chains.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
About Transwestern Investment Group
Transwestern Investment Group (TIG®) is a real estate investment adviser with $5.0 billion of assets under management. The firm serves a broad range of institutional and high-net-worth investors with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for investors across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The investors included in this press release were not selected based on performance, but because they are some of the largest well-known investors with similar strategic alliances. It is not known whether these investors approve or disapprove of TIG or the services or products it provides.
Media Contact:
Molly McMurtry
713.231.1571
molly.mcmurtry@transwestern.com
twmediarelations@transwestern.com
