Rockefeller Group Sells Inland Empire Industrial Build for $57M

The Rockefeller Group has sold the Harvill Logistics Center, a 300,000-square-foot industrial facility in Riverside County, for $57.5 million to a partnership between CH Realty Partners LLC and Blumenfeld Development Group. Rockefeller built the property last year.

Rockefeller received multiple offers on the property, illustrating the strong demand for industrial assets in the Inland Empire. Along with nearby Los Angeles, the Inland Empire leads the country in industrial rent growth, fueled by record activity at the Port of Los Angeles, according to a new report from Yardi Matrix. The Inland Empire saw rent grow by 7.1% over the last 12 months, while L.A. posted an increase of 6.7% over the same period. Vacancies clocked in at 2% for the IE in May, and research from JLL released earlier this year shows that the market recorded an impressive 26 million square feet of absorption in 2020.