Alere Property Group has bought a newly completed industrial complex in Riverside.
The Newport Beach-based firm bought a 709,000-square-foot property at 2677 E. Alessandro Boulevard, according to an announcement earlier this week.
Terms of the acquisition were not disclosed, though recent deals across the Inland Empire have ranged from $75 per square foot for an older seven-building complex in Victorville to $278 per square foot for a 2002-built complex in Rancho Cucamonga, according to Newmark. Few newly built complexes have sold in recent months.
The Freeway Business Center complex is fully leased to a third-party logistics firm, UNIS, through 2028. UNIS
Built by Dallas-based industrial developer Crow Holdings, the property was completed last year. The building includes 8,400 square feet of office space and a 300-foot truck court.
With its latest acquisition, Alere operates more than 2.5 million square feet in the Riverside, Moreno Valley and Perris submarket — a total of around 32 million square feet across Southern California.
“Large industrial buildings are increasingly difficult to find across the Inland Empire,” Alere’s head of investments, Alan Carmichael, told The Real Deal. The firm is “aggressively” pursuing other deals.
In the fourth quarter, around 4.6 million square feet of inventory came to market across the Inland Empire – around 0.7 percent of the market’s total inventory, according to Newmark. The total vacancy rate across the Inland Empire dropped to 0.8 percent, making it difficult for tenants to also find space.