Tuesday , January 18 2022

Riverside industrial property changes hands

Freeway Business Center, an industrial facility in Riverside, has been sold.

Alere Property Group bought the building at 2677 E. Alessandro Blvd., according to a statement released Friday.

The 709,000 square-foot structure next to Interstate 215 was completed last year. It is fully leased to UNIS, LLC, a national third-party logistics company, through August 2028.

Terms of the transaction were not disclosed.

“Alere is pleased to round out 2021, a remarkable and historic year for Alere and the industrial real estate sector, with the acquisition of Freeway Business Center,” said Michael Del Santo, senior vice president of portfolio management at Alere, in a statement .

“The property is a trophy asset in a submarket with significant barriers to entry and limited new development options.”

Alere develops and invests in Southern California industrial properties. Its portfolio contains more than 30 million square feet of industrial space, including an estimated 20 million square feet in the Inland Empire, according to the statement.

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