October 20, 2016
Des Moines, IA-based Principal Real Estate Investors acquired March Business Center, a 1.38-million-square-foot industrial portfolio in Moreno Valley, CA for $93 million. The seller was a partnership between Hartford, CT-based Penwood Real Estate Capital Management, LLC and Newport Beach, CA-based Western Realco.
Atlanta-based Floor and Décor subsequently signed a 1.1-million-square-foot lease for the entire recently-developed building. The freestanding LEED Silver distribution facility sits on 47.63 acres. The sale also included a newly constructed 277,243-square-foot freestanding distribution building on 11.74 acres.
Cushman & Wakefield’s Chuck Belden, Kyle Kehner, and Tim Pimentel represented the seller in the disposition, as well as the new owner in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented the tenant.
Belden says, “The transaction was emblematic of the strength of the Inland Empire industrial market going forward, and for companies seeking large fulfillment distribution centers in the region.”
For comments, questions or concerns, please contact Dennis Kaiser
Tags: acquisition, cbre, cushman wakefield, development, distribution facility, Floor and Décor, industrial, inland empire, leasing, LEED, March Business Center, moreno valley, Penwood Real Estate Capital Management, Principal Real Estate Investors, western realco