IE Business Daily Business news for the Inland Empire.
A 900,000-square-foot warehouse-distribution facility in Riverside has been sold for $257 million.
Built in 2019, the building at 21600 Cactus Ave. was sold by BlackRock, a global asset management firm, to Burlington Distribution, an affiliate of Burlington Stores, according to a statement.
Colliers represented Burlington Distribution, and CBRE represented BlackRock, in the sales negotiations. The sale price works out to $289 per square foot.
Burlington opened 101 stores, and moved 31 stores in 2024. It plans to open 100 more stores this year, according to the statement.
“The Inland Empire industrial market continued to see elevated demand during the fourth quarter of 2024, with leasing activity surpassing 10 million square feet for the third consecutive quarter,” said Mark Zorn, senior executive vice president with Colliers, in the statement.
