Greg Cornfield | Contributor
As industrial developers search for space to build more warehouses to meet rampant demand, Crow Holdings has completed three deals that combine 13.3 contiguous acres of residential land in Southern California’s Inland Empire for a total of $51.7 million.
The acquired parcels include four single-family homes (one of which is more than 100 years old), according to data provided by Vizzda. The westernmost parcel was the most expensive of the three transactions at nearly $43.9 million, and it includes two private homes. The middle parcel sold for $3.8 million, and the final parcel sold for $4 million.
Taken together, the three deals equal nearly $3.9 million per acre. Crow Holdings declined to comment on the deal or potential development plans. The property is at the southwest corner of Cactus and Slover avenues near Bloomington, Calif.
Although the pace of industrial investment sales has slowed from the breakneck speed of the past few years, demand is still as high as ever in the Inland Empire. Earlier this month, CO reported Alere Property Group paid $38.9 million for 17.4 acres, where it will add another logistics development near the former Auto Club Speedway. That same speedway also recently sold for $559 million in a separate deal that calls for the development of 6.6 million square feet of logistics space.
Other recent industrial developments in the Inland Empire include Western Alliance Bank lending $80.3 million for the construction of 668,000 square feet of warehouse space, and Lovett Industrial securing a $24.9 million construction loan for the development of a 114,115-square-foot Class A industrial development in Rialto.
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