A Texas investor that’s been raking in money on the Inland Empire’s hot industrial market turned around and spent a big chunk, getting 13 acres of industrial property for about $72 million, or more than $5.5 million per acre, according to property records filed with San Bernardino County last week.
Dallas-based Crow Holdings did not immediately respond to a request for comment on the buy in the city of Bloomington.
An entity linked to San Antonio-based Shawn Rosenzweig sold the property.
Alliance Shippers, a logistics and transportation firm based in New Jersey, currently occupies the site, though it’s unclear how long its lease runs.
The property includes a nine-acre trucking yard — a feature highly coveted by industrial developers, as it gives logistics firms more storage space and relieves congestion at the ports — and about four more acres of vacant land. It’s location within a few miles of major freeways, with rail links also nearby.
The high price point also highlights the demand for existing industrial properties in the Inland Empire, as legislators push to slow down new developments near residential properties. Earlier this month, a bill that would create a 1,000-foot buffer zone between large warehouses and residential areas advanced through the California Assembly and is now being heard in the State Senate.
This is Crow Holdings’ first major industrial acquisition in San Bernardino County. The company, which was founded by prominent Texas developer Trammell Crow in 1948, has sold off a number of Inland Empire properties since the pandemic.
In September 2020, Crow finished building a 392,700-square-foot distribution facility at 1070 South Waterman Avenue in San Bernardino, records show. Six months later, the company sold the property for $60.8 million to Principal Real Estate.
Also in Bloomington, the company built a 344,400-square-foot building at 18025 Slover Avenue — a property that was recently leased by Amazon, according to public property records.