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KKR Acquires Industrial Distribution Building in Perris, California

Rockefeller Group, a leading real estate developer, owner and operator, reported it sold a recently completed 406,650-square-foot industrial distribution building at Optimus Logistics Center in Perris, California. The facility was sold to KKR for $43.5 million.

The building, a 1.45 million-square-foot industrial complex, is the second building to be completed and sold at the project, following the September 2018 sale of a 1.04 million-square-foot distribution building to Ferguson Enterprises.

"The sale of the last building at Optimus marks an important milestone for Rockefeller Group in the Inland Empire," said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group's West Region.

"In less than two years, we were able to develop 1.45 million square feet of industrial space on a speculative basis along the I-215 freeway and complete the business plan by selling both buildings shortly after completion of construction. This success confirms that the I-215 corridor has become a destination for companies who need to distribute throughout the Western United States and also signifies the appetite by investors who see the area's growth potential,” he added.

"Rockefeller Group is committed to developing industrial distribution and e-commerce facilities in the Inland Empire given the current demand for space in the region," said Camp. "In 2019, the Inland Empire is expected to see continued strong absorption, stable vacancy rates and growing rents. As a result, we will continue our development activities in the Inland Empire and other markets in the Western United States."

Rockefeller Group completed construction of Optimus Logistics Center, which is a joint venture of Rockefeller Group and MBK Real Estate (MBK), in September 2018.

"We are excited to add Optimus Logistics Center to our industrial portfolio," said Roger Morales, Head of Real Estate Acquisitions in the Americas at KKR. "This is our first acquisition in the Inland Empire and we are confident that this investment will be attractive to potential tenants. Rockefeller Group has built an excellent asset."

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