The sale price was provided by Vizzda, a commercial real estate data firm.
The 1.8-million-square-foot logistics center at 36500 Cherry Valley Blvd. was completed in December. Building one covers 814,822 square feet of space and building two covers 1,017,845 square feet of space.
“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,” said William Shopoff, Shopoff’s president and CEO.
The joint venture worked with the Yucaipa Valley Water District to build 2 miles of pipeline for a recycled water conveyance project for the logistics center and surrounding community. The project also reserved 85 acres of land on the north side to be used as permanent open space. Shopoff also Shopoff donated 123 adjacent acres to the Beaumont-Cherry Valley Recreation & Park District’s foundation for a future park and open space.
Shopoff’s team said that Brookfield, which was represented by CBRE, leased one of the buildings to an e-commerce retailer with plans to employ nearly 1,000 employees. The company did not disclose the tenant’s name.
Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction.
Artemis Real Estate Partners, a majority woman-owned real estate firm, is based in Washington, DC
Big lots spending spree for Red Mountain
Retail developer Red Mountain Group in Santa Ana has been on a shopping spree, buying 20 empty Big Lots properties in four states, including 16 in California, for $47.5 million.
The all-cash, off-market deal encompasses 463,427 square feet. Red Mountain Group says it has leases for “eight major tenants, so far” but declined to identify them.
Properties in Southern California include Big Lots in Duarte, Escondido, Fontana, Hemet, Highland, Lakewood, Lomita, Pasadena, Placentia, Rancho Cucamonga, Rowland Heights and West Covina. Four others are in the Bay Area. All of the properties will see some improvements from Red Mountain.
The firm said it previously bought five other empty retail portfolios from both retailers and private equity firms.
“We have been, and continue to be, a reliable liquidity resource for retailers that own their real estate with sustainable cash resources to execute portfolio deals of this magnitude,” said Michael Mugel, chief executive at Red Mountain Group.
Suites-based hotel coming to hospitality district
A 1.7-acres of land at 898 E. Harriman Place in San Bernardino’s Hospitality Lane District will soon become a hotel.
Paladin Equity Capital bought the land for $1.85 million and plans to develop an Everhome Suites extended-stay hotel on the site, according to Progressive Real Estate Partners.
The San Bernardino Everhome Suites hotel should break ground this summer, spanning 60,000 square feet with 117 rooms. The extended-stay hotel will include apartment-style suites with kitchens and workstations, full-size closets, additional storage and large bathrooms. Amenities will feature a fitness center and 24/7 self-service marketplace.
Progressive Real Estate Partners represented the seller, Los Angeles-based NHOS Enterprises. Palladium Equity was represented by Irish Commercial Brokerage.
New childcare centers coming to region
The Learning Experience, a childcare franchise, is expanding throughout the region, opening seven Inland Empire locations by 2024.
The company already has five locations in the region.
New childcare facilities are coming to Corona (spring-summer 2023); Murrieta (this fall); Menifee (fall-winter); Bermuda Dunes, Winchester, Calimesa and Wildomar (all in 2024).
Each center will be 10,000 square feet and include a large outdoor playground. Each facility will hire at least 30 staff members and certified teachers to work with 180 children ages 6 weeks old to 6 years old with childcare, enrichment programs and early education.
The Florida-based franchise, which has 340 centers in 28 states, plans to open more than 75 locations nationwide.
For more information, go to thelearningexperience.com
Coachella resident V. Manuel Perez, 50, has been appointed to the California Air Resources Board. He has been supervisor for the 4th District of Riverside County since 2017 and was chief government and public affairs officer at Borrego Community Health Foundation from 2014 to 2017. This position requires Senate confirmation and there is no compensation. Perez is a Democrat.
Jason Armand, 45, an Orange County resident, has been appointed by Gov. Gavin Newsom to serve as a judge in the Riverside County Superior Court. He has served as a district attorney at the Riverside County District Attorney’s Office since 2007. He got his law degree from UC San Diego Law School.
Smile Generation, a program supported by Irvine-based Pacific Dental Services, KABOOM! and the Community First Church of God, recently built a community playground in Homeland one day.
A food bank was also open for food distribution and kids’ activities including face painting and a coloring station were available. Dental kits for all ages were distributed to community members.
Since 2010, Smile Generation has partnered with KABOOM!, a nonprofit playspace builder, to install 18 playgrounds across the country.
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