IE Business Daily Business news for the Inland Empire.
Walmart Realty has purchased a cold-storage facility in Riverside.
A subsidiary of Walmart Inc, Walmart Realty paid $223 million for the 507,000-square operation at 1001 Columbia Ave., according to a statement.
The seller was State Street Corp., a U.S. multinational financial services and bank holding company based in Boston.
Walmart has been leasing the facility, which is less than four miles from Interstate 215, and the 60 and 91 freeways, since 2010.
JLL represented Walmart Realty in the negotiations.
“Walmart (Realty’s) decision to acquire this building reflects the company’s commitment to the facility and property in servings its customers,” said Scott Coyle, JLL managing director, in the statement. “This transaction highlights the irreplaceable nature of existing large-format cold storage facilities, and reinforces the Inland Empire’s role as a key market for Southern California’s food distribution ecosystem.”
