Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has acquired a 55-acre property in the Inland Empire East region of California, with plans to develop a 1,061,090-square-foot distribution/warehouse space.
“Considering last year’s sale of our I-10 Logistics Center in Cherry Valley, it’s safe to say we are bullish on industrial, and specifically projects on the I-10 corridor,” explained Shopoff President and CEO William Shopoff. “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space.”
Upon completion the project will total 1,061,090 square feet with 167 docks, 498 trailer stalls and 42-foot clear height.
Shopoff anticipates breaking ground in Q3 2024, with the project taking approximately 12 months to complete. The firm will begin marketing the projects to tenants prior to project completion. Ian DeVries and Chris DeVries of Colliers International along with Brad Yates and Stefan Pastor of Stream Realty will handle tenant leasing.
