Newport Beach, CA
Columbia Business Park Phase I Sells for $123.75M
August 14, 2019
Trammell Crow Company (TCC) and its client Washington Capital Management, Inc. (WaCap), on behalf of its pension fund client, are pleased to announce the sale of Columbia Business Park Phase I, a 1 million square foot, Class A speculative industrial building, to an institutional real estate investor for $123,750,000. The sale is one of the largest single-building transactions ever completed in the Inland Empire. Phase 1 sits on a 46-acre site, located in Riverside’s Hunter Park submarket and is part of the 72-acre master planned Columbia Business Park.
“Along with Washington Capital Management, we are pleased to celebrate the sale of the first phase of Columbia Business Park,” said Tom Bak, Senior Managing Director of TCC’s SoCal – Newport Beach office. “We are pleased to deliver this fully-leased, state-of-the art logistics facility for Washington Capital’s client. This sale affirms the value of best-in-class design and project execution.”
“The successful completion and sale of the Phase I project is an affirmation of the value created through strong development partnerships,” said Cory Carlson, President, CEO and CIO, Real Estate with Washington Capital Management, Inc. “We believe this positive outcome for our client is a reflection of the expertise and execution of the Trammell Crow team and the quality and professionalism provided by the union construction tradesmen and tradeswomen on the job site.”
Trammell Crow Company developed Columbia Business Park Phase I with best-in-class logistics specifications such as 37-foot clear height, 185-foot deep secured truck courts, ESFR and dedicated truck queuing lanes. The project is located in the heart of Southern California’s Inland Empire, provides direct access to the region’s major highways and is in proximity to the Hunter Park/University of California Riverside MetroLink station. Additional phases of the park include plans to develop a 371,000 square foot distribution center on an existing pad-ready site and an adjacent 7-acre parcel that could accommodate a 90,000 square foot logistics building.
Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell and Eric Cox of CBRE’s National Partners along with local market experts, David Consani of CBRE and Kevin McKenna of Colliers represented WaCap in the transaction.
About Washington Capital Management, Inc.
Washington Capital Management, Inc. (WaCap) is an employee owned investment advisory firm founded in 1977. WaCap is headquartered in Seattle, Washington, with branch offices in Portland, Boston, Spokane, Southern California and Northern California. WaCap manages assets in real estate equity, real estate debt, fixed income and equity strategies; primarily for institutional clients. WaCap provides a diverse menu of investment products, including equity real estate investments, commercial mortgages, and construction loans. Visit www.wcmadvisors.com.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.