Cherry Valley Logistics Center in Inland Empire East Sold to a Real Estate Fund

By: Sharjeel Sohaib

• 

Feb 11, 2023

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  • Shopoff Realty Investments (“Shopoff”) and Artemis Real Estate Partners (“Artemis”) sold their Cherry Valley Logistics Center project to a Brookfield Asset Management real estate fund.
  • This 1.8 million- square-foot logistics center is located in the Inland Empire East.
  • Brookfield Properties, represented by CBRE, leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at this location,
  • The project was designed to blend in with the local geography and has eco-friendly features, such as a LEED Silver design and solar panels to offset energy usage.

The I-10 Logistics Center project of 1.8 million square foot logistics facility is situated at 36500 Cherry Valley Blvd in Cherry Valley, California, in the Inland Empire East, close to the intersection of Highway 60 and the I-10 motorway.

A major hub for national distribution, Brookfield Properties, represented by CBRE, leased the structure to a multinational e-commerce store with plans to employ up to 1,000 people.

Eco-Friendly Design

Shopoff tacked on, “The project’s design was deliberate and carefully considered the area’s geography and population. Using California native vegetation to screen the buildings and earth-tone paint colours, wood trim, and other design elements, we could blend the location’s rustic aspects into the architectural design. The project is also eco-friendly with a LEED Silver design and solar panels to offset 100% of the energy usage.”

Additionally, the joint venture built two miles of pipeline for their recycled water conveyance project in collaboration with the Yucaipa Valley Water District. The pipeline will deliver recycled water to houses and businesses in Calimesa and the project’s landscaping. 

This newly built infrastructure will save millions of gallons of potable drinking water each year by employing pure recycled water for irrigation.

Improvements to Traffic Flow

To enhance traffic flow and lessen congestion at the interchange, the joint venture will also perform extensive improvements to the I-10 Interchange at Cherry Valley Boulevard, including switching out the stop signs for traffic signals. 

Along with improving traffic flow, Cherry Valley Boulevard’s intersection improvements, expansion, and landscaping work will also enhance the neighbourhood’s streetscape.

The initiative helped to create permanent open spaces and paths. Through a conservation easement, 85 acres of the property’s north side will be permanently conserved as open space. 

Shopoff also gave 123 neighbouring acres to the Beaumont-Cherry Valley Recreation & Park District foundation in 2020 for a future park and open space.

Construction Details

The buildings were finished in December 2022 after the project’s construction got underway in April 2021. Two high cube logistics/warehouse buildings with LEED Silver Certification are part of the 155-acre I-10 Logistics Center (also known as “Cherry Valley Logistics Center”) project. 

Buildings one and two have a combined floor area of 1,832,667 square feet, or 814,822 and 1,017,845 square feet, respectively. The project has 296 dock-high doors, 665 staff parking spots, 585 trailer parking spots, and 40-foot clear-height ceilings.

Shopoff Realty Investments and Brookfield Properties were represented in the deal by CBRE’s Barbara Perrier, Eloy Covarrubias, Joe Werdein, and Darla Longo.

More Acquirements by Shopoff Realty Investments

The Shopoff Realty Investments (“Shopoff”) has acquired 269.6 acres of land in Maricopa County, adjacent to Mesa, located at E. Elliott and S. Sossaman Road.

Read Here: Shopoff Realty Investments Acquires 270 Acres of Land in Mesa, Arizona

Startepire Wire

An operating department store in Westminster, California, was acquired by Shopoff Realty Investments (“Shopoff”). This $49 million purchase was a sale with a leaseback.

Read Here: Shopoff Realty Investments Acquires 11.9 Additional Acres of Westminster Mall, for $49 Million

Startempire Wire

Wrap Up!

The I-10 Logistics Center in Cherry Valley, California, has been sold by Shopoff Realty Investments and Artemis Real Estate Partners to a Brookfield Asset Management real estate fund. The recently finished 1.8 million square foot logistics facility is a major hub for national distribution, having been leased to a multinational e-commerce store with plans to employ up to 1,000 people. 

The project’s design incorporated eco-friendly features, such as a LEED Silver design and solar panels, and was carefully considered to blend in with the local geography. 

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