Transwestern Investment Group (TIG®), on behalf of Transwestern Strategic Partners Fund III (“TSP Fund III”), announces it has acquired 15.88 acres in Riverside, California, and is partnering with Transwestern Development Company (TDC®) to build a 307,394-square-foot industrial property on the site. Construction is scheduled to begin in the third quarter of 2023, with delivery anticipated in the third quarter of 2024.
“Industrial vacancy in the Inland Empire remains tight, and big-box logistics space is in high demand,” said Mike McKenzie, Director of Acquisitions for TIG. “This facility will satisfy the needs of a user that wants convenient access to Southern California ports, major transportation routes and a strong labor pool.”
Riverside Logistics Center is located on Center Street and surrounded by Interstates 215, 10 and 15. The Class A rear and side-load facility will feature a 36-foot clear height, 70 dock doors, an ESFR sprinkler system, 9,500 square feet of Class A office space, 20 trailer stalls and 337 auto parking stalls.
“There is limited availability in the Inland Empire East submarket, especially buildings of this scale,” said John Privett, Partner – West at TDC. “The site is fully entitled, and with construction drawings nearing completion, it will enable us, along with our partners, to bring this facility to market quickly.”
Oltmans Construction will serve as the general contractor, and RGA will serve as the architect. JLL’s Mark Detmer and Hunter McDonald will handle the leasing.
In October 2022, TIG announced the close of TSP Fund III. The fund closed with $325 million of commitments, the company’s largest fundraise to date, and focuses on diversified value-add investment and development opportunities in markets across the U.S. that are driven by strong job growth and global supply chains.
