A 1.8-million-square-foot warehouse-distribution center in an unincorporated community in Riverside County has been sold for a reported $329 million.
Shopoff Realty Investments in Irvine and Artemis Real Estate Partners in Washington, D.C., sold Cherry Valley Logistics Center, to Toronto-based Brookfield Asset Management, according to a statement posted on Feb. 6 on Shopoff Realty’s website. The price, which works out to $183 a square foot, was reported by rentv.com, a website that covers commercial real estate transactions.
Brookfield Properties has leased the facility at 36500 Cherry Valley Blvd. to an unidentified e-commerce retailer that operates worldwide. About 1,000 people are expected to work there, according to the statement.
CBRE represented Brookfield Properties in those negotiations.
“Completing this project is a major milestone for our firm, and we are especially proud of the positive impact it has had, on the surrounding community,” said William Shopoff, president and chief executive officer of Shopoff Realty, in the statement.
“This project has helped to create hundreds of construction jobs, as well as an anticipated nearly 1,000 permanent jobs at the facility.”
Cherry Valley is at the northwest tip of San Gorgonio Pass, between San Bernardino and Palm Springs.