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Shopoff, Artemis JV sells 1.8msf Inland Empire logistics development for $330m
Shopoff Realty Investments and Artemis Real Estate Partners have sold their Interstate 10 Logistics Center project to a Brookfield Asset Management real estate fund.
The sales price was not disclosed, but is estimated to be $330 million, according to other media outlets.
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 State Route 60, at 36500 Cherry Valley Blvd. in Cherry Valley, Calif.
“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 president and CEO. “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 sub