Shopoff and Artemis Joint Venture Sells 1.8 Million-Square-Foot Inland Empire East Logistics Development
CALIMESA, Calif., Jan. 31, 2023 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff") and Artemis Real Estate Partners ("Artemis") announced the sale of their I-10 Logistics Center project to a Brookfield Asset Management real estate fund. The newly completed 1.8 million- square-foot logistics center is located in the Inland Empire East, near the confluence of the I-10 freeway and Highway 60, at 36500 Cherry Valley Blvd in Cherry Valley, CA.
"Completing this project is a major milestone for our firm, and we are especially proud of the positive impact it has had, and will continue to have, on the surrounding community," explained Shopoff President and CEO William Shopoff. "This project has helped to create hundreds of construction jobs, as well as an anticipated nearly 1,000 permanent jobs at the facility itself. It also provided significant fees to local government and utility agencies during construction and will add substantial tax revenue on an ongoing basis, further supporting this emerging community in the Inland Empire. 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."
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, making it a major hub for national distribution. "The 1.8 million-square-foot, two-building campus is an impressive addition to our expanding portfolio with its highly desirable location and alignment with our sustainability standards," said Joonas Partanen, Senior Vice President and Head of West Coast Operations for Brookfield Properties' Logistics business. "With Brookfield's broad reach and global relationships, we successfully leased the project during construction, strategically positioning our client and tenant to expand their U.S. operations in a critical market."
Shopoff added, "The project's design was very intentional, taking into great consideration the surrounding geography and community. We were able to incorporate the rural characteristics of the area into the architectural design, along with earth-tone paint colors, wood trim, and California native landscaping to screen the buildings. The project is also environmentally friendly with a LEED Silver design and features solar panels to offset 100% of the energy usage."
In addition, the joint venture worked with the Yucaipa Valley Water District to construct two miles of pipeline for its recycled water conveyance project. The pipeline will supply recycled water for the project's landscaping, as well as providing recycled water to homes and business throughout Calimesa. This newly constructed infrastructure will save millions of gallons of potable drinking water every year by using pure recycled water for irrigation.
The joint venture will also make significant upgrades to the I-10 Interchange at Cherry Valley Boulevard, including replacing the existing stop signs with traffic signals to improve traffic flow and reduce congestion at the interchange. The interchange improvements, combined with widening and landscape improvements on Cherry Valley Boulevard will not only improve traffic conditions but create an enhanced street scene for residents.
The project also contributed to creating trails and permanent open space, along with future park land. 85 acres of land on the north side of the property will be permanently preserved as open space through a conservation easement. In addition, in 2020, Shopoff donated 123 adjacent acres to the Beaumont-Cherry Valley Recreation & Park District's foundation for a future park and open space.
Construction of the project began in April 2021 and the buildings were completed December 2022. Set on 155 acres, the I-10 Logistics Center (also known as "Cherry Valley Logistics Center") project includes two high cube logistics/warehouses buildings that have been designed for LEED Silver Certification. Building one covers 814,822 square feet of space and building two covers 1,017,845 square feet of space, for a total of 1,832,667 square feet of floor area. The project features 40-foot clear-height ceilings, 665 employee parking spots, 585 trailer parking spots and 296 dock high doors.
Jonathan Rainford, Managing Director at Artemis Real Estate Partners added, "The I-10 Logistics Center is a top-quality development with a strong location along the Inland Empire's major I-10 trade route. We are thrilled to have completed this project with Shopoff and to bring this environmentally conscious industrial project to the market, thanks in large part to significant support from the local community and numerous stakeholders."
Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a majority woman-owned real estate investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles, and Atlanta. Artemis has raised over $8.4 billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, retail, hospitality, self-storage, senior housing, and medical office. Artemis specializes in joint venture partnerships with established, diverse, and emerging operating partners and direct investments. More information can be found at www.artemisrep.com.
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SOURCE Shopoff Realty Investments
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