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Walmart Pays $223M for Riverside Cold-Storage Facility
Walmart Realty, a subsidiary of Walmart, has acquired a 507,000-square-foot cold storage facility located at 1001 Columbia Ave. in Riverside, for $223 million. Walmart has been leasing the facility since 2010 and will continue to operate it for temperature-controlled distribution.
JLL’s Scott Coyle, Peter McWilliams and Tim O’Rourke represented Walmart in the acquisition. Jomar Benoit, Walmart senior manager of industrial real estate, was also instrumental in finalizing the deal. The seller, State Street Corporation, was represented by Eastdil Secured.
“Walmart’s decision to acquire this building reflects the company’s commitment to the facility and property in serving its customers,” said Coyle. “Demand for temperature-controlled logistics infrastructure continues to outpace supply across the greater Los Angeles basin. This transaction highlights the irreplaceable nature of existing large-format cold storage facilities and reinforces the Inland Empire’s role as a key market for Southern California’s food distribution ecosystem.”
1001 Columbia Ave. is located less than four miles from Interstate 215, California State Route 60 and California State Route 91.
- ◦Sale/Acquisition
