IE Business Daily Business news for the Inland Empire.
Rockefeller Group, a worldwide private real estate developer, will develop a 203,000-square-foot warehouse-distribution facility in Moreno Valley.
The New York-based company has purchased 8.7 acres in the Centerpointe Commerce Center and will begin working on the project this fall, according to a statement.
Rockefeller Group paid $5.9 million for the property, which is on Cactus Avenue. The seller was Newcastle Partners Inc. in San Francisco.
“For us to be able to acquire a fully-entitled and improved site in this area that is shovel-ready is extremely rare,” said James V. Camp, Rockefeller Group spokesman, in the statement.
The facility is expected to be completed in the summer of 2020. When finished it will have 109 auto-parking stalls and 27 trailer-parking stalls.
Founded in 1928, the Rockefeller Group’s first development project was Rockefeller Center in New York City. It has developed more than 50 million square feet of commercial real estate since then, according to the statement.
