Brookfield Acquires New Shopoff JV Logistics Center
Shopoff Realty Investments and JV partner Artemis Real Estate Partners have sold their recently developed, 1.8 million-square-foot logistics center in Cherry Valley, CA to a Brookfield Asset Management real estate fund for a reported $300 million. Brookfield Properties, represented by CBRE, has leased the building to an e-commerce retailer with plans to make it a national distribution hub.
“This project has helped to create hundreds of construction jobs, as well as an anticipated 1,000 permanent jobs at the facility itself,” said Shopoff CEO William Shopoff. “Our team was dedicated to making this project a positive addition to the community while also filling a major void in this trade thoroughfare for additional logistics space.”
The development team incorporated rural characteristics into the design of the complex to screen the buildings. The project features solar panels, a recycled water system for landscaping and the JV also made significant upgrades to the nearby I-10 interchange at Cherry Valley Boulevard.