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California  + Inland Empire  + Industrial  | 
The Inland Empire saw the fastest annual growth in industrial pricing during Q1

Alere Sees Value of Freeway Business Center in $200M Buy

A new 709,081-square-foot class-A industrial warehouse facility on more than 39 acres in Riverside, recently sold for nearly $200 million. Completed in 2021, the single-tenant facility known as Freeway Business Center is in one of the top industrial and logistics submarkets, according to Cushman & Wakefield.

Alere Property Group acquired the property for $199.25 million from a joint venture between Crow Holdings Industrial and a global real estate investment adviser. The property is fully leased long term to a national third-party logistics provider.

Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield represented both parties in the transaction. Local market advisory was provided by Cushman & Wakefield’s Phil Lombardo, Chuck Belden and Andrew Starnes.

“Freeway Business Center was a rare and very attractive opportunity to acquire a premier industrial asset supported by a strong tenant in one of the world’s most sought-after industrial markets,” said Chiate. “Adding to the appeal is the property’s outstanding visibility, accessibility and modern features to serve users now and well into the future. Class-A industrial assets such as this remain in very high demand, not just regionally but across the U.S. due to the ongoing strength of the industrial sector along with the demand for modern facilities.”

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Jeff Chiate

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition
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