June 6, 2016
New York-based The Rockefeller Group acquired 19 acres in San Bernardino, CA from Newport Beach, CA-based CT Realty for an undisclosed amount. The developer envisions two new industrial buildings totaling 415,000 square feet and redevelopment of an existing 225,000-square-foot building into a modern industrial facility after a lease expires.
Planned are a 333,170-square-foot cross-dock distribution facility, and an 81,730-square-foot front-loading storage and distribution facility.
The Rockefeller Group’s James V. Camp believes the company can leverage its “reputation and track-record for success” as it shifts its “focus from planning and completing largely build-to-suit projects, to now underwriting speculative development projects in the markets where we have the strongest conviction.”
CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, and Michael Kendall represented the seller. The buyer was self represented.