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| Barbara Perrier |
NEWPORT BEACH, CA, Dec. 8, 2020 — Orbis Real Estate Partners today announced the sale of two landmark industrial projects within its investment/development portfolio, representing a total of 88.5 acres and approximately $140 million of prime land in the Inland Empire.
Bill Heim
of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla
Longo of CBRE, represented Orbis Real Estate Partners in both transactions.
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| Darla Longo |
The larger transaction, The Homestead, comprises 47 acres which Orbis fully designed and entitled in Eastvale, one of the most supply-constrained submarkets in the Inland Empire’s sought-after western region.
The Orbis team
leveraged its proven expertise, robust network and strong reputation to
redevelop the existing dairy into a first-class logistics park
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| Bill Heim |
“The market value of this disposition is a
reflection of the value-enhancing entitlements secured by Orbis and the
continuing appeal of this market for e-commerce logistics and distribution.”
Dermody Properties, a
Reno, Nevada-based developer of industrial real estate, purchased The Homestead
and will develop the six Class-A industrial warehouse buildings (totaling 1.05
million square feet) that Orbis Real Estate Partners designed, entitled and
delivered ready for construction.
“This is an ideal
location for the rapidly expanding e-commerce distribution and logistics
sector, with strong regional transportation links and proximity to a large
population base to fulfill critical last mile delivery requirements,” says Grant
Ross, Orbis Real Estate Partners founding partner.
 |
| Eric Cox |
Future tenants will
benefit from Orbis Real Estate Partners’ forward-thinking design, which will
include six brand-new Class-A buildings ranging in size from 48,315 square feet
to 501,649 square feet and offer state-of-the-art features including:
Concrete tilt-up
construction, 40’ minimum clearance heights on the larger buildings, large
secured truck courts, ample parking with excess approved trailer stalls, and
excellent dock-high and grade-level loading for each building.
In addition to the
historic sale in Eastvale, the Orbis team also recently sold the Riverside
Logistics Center in Riverside County, which encompasses 41.5 acres and 938,685
square feet of premium industrial real estate.
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| Grant Ross |
Strategically located in a hotspot for Fortune 500 tenants and institutional investors, the Center has direct access to I-215 and proximity to other major highways. Denver, Colorado-based Black Creek Group — a leading real estate investment management firm — acquired the asset, which Orbis delivered designed, entitled and permit-ready.
“Orbis has been very successful in entitling large and complicated land sites in the Inland Empire, says Eric Cox, CBRE Senior Associate, Institutional Properties + Capital Markets.
“We just completed two separate, fully entitled land sales with
Dermody and Black Creek Group that highlight Orbis’ expertise and ability to
carry complex deals across the finish line.”
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