Core5 Industrial Partners Sells Logistics Center in Perris, California
423,665 SF Harvill Business Center Purchased by Black Creek Group
ATLANTA, April 6, 2021 – Atlanta-based Core5 Industrial Partners announced today the recent sale of Harvill Business Center, a 423,665-square-foot modern logistics facility to Black Creek Group. The project completed construction in early 2020 to Class A construction specifications and incorporates the latest in technology with a Ductilcrete® concrete floor slab, 36’ vertical clear height, 2.5% skylights, LED lighting, a gated concrete truck yard, on-site truck stacking and low water landscaping. Harvill Business Center is fully leased on a long-term basis to American Standard (a subsidiary of Lixil Corporation), a leading North American plumbing and building products manufacturer.
“The location, building quality, site functionality and the tenant were all key elements which made this asset highly sought after by investors,” stated Jon Kelly, Vice President of Development for Core5. “Core5 is very bullish on the Riverside County market and has another 197,865-square-foot project under construction in the area. We continue to see significant demand in the area with absorption demand outpacing supply.”
Black Creek Group continues to invest in high-quality bulk and last-mile distribution warehouses in top-tier, high-barrier-to-entry markets. With this acquisition, the firm owns approximately 7.6 million square feet of industrial real estate in the Inland Empire, which includes properties under construction.
“Demand for industrial space is being felt across the country, especially in the Inland Empire – one of the strongest industrial markets demonstrated by leasing activity outpacing supply,” said Gregg Boehm, managing director, market officer at Black Creek Group. “This acquisition represents the well-located, Class A space that the firm is committed to owning, and we are excited to secure this transaction as the market continues to tighten.”
Core5 and Black Creek Group were represented on the investment sale by Michael Chavez of Lee & Associates.
About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development of Class-A properties featuring the latest innovations throughout the United States. Headquartered in Atlanta, Georgia, Core5 has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Columbus, Dallas, Houston, Indianapolis, Los Angeles/Inland Empire, Louisville, Memphis, Nashville, Pennsylvania and South New Jersey with expansion plans to additional key logistic hubs in the US. Founded in 2015, the company has developed or begun construction on 26 million square feet since inception.
Black Creek Group is a leading real estate investment management firm that invests in institutional quality commercial real estate across the U.S. The firm manages diverse offerings across the industrial, multifamily, office and retail sectors – providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history the firm has bought or built over $23 billion of investments. As of December 31, 2020, the firm had a national footprint of 70.6 million square feet across 31 U.S. markets, including properties under control and development. Learn more at blackcreekgroup.com.