Dallas-based Crow Holdings Industrial has purchased March Air Logistics Center, a 277,270-square-foot air-cargo and industrial facility at the March Inland Port (formerly March Airforce Base) at 17101 Heacock Street in Riverside, California, from Westcore Properties, according to a release from a representative of Wescore. The sale price on the off-market transaction was undisclosed, and the representative declined to release it to SoCal Real Estate, but the release says Westcore purchased the property for $17 million in 2014.
According to the statement, the property has direct runway access to March Inland Port, as well as to 1 million square feet of ramp area for aircraft taxiway and parking; it also offers extensive trailer parking. Other building features include cross-dock loading, 31- to 33-foot clear height, 112 dock-high loading doors, and an 8,000-amp electrical panel, and the property is fully secured and includes two guard houses, the source says.
The release also says Crow Holdings will have the option of expanding at the north and south ends of the building as well as leasing up 170,800 square feet of the space and that the property is designated part of a foreign trade zone.
Hack Adams, SVP at Westcore, is quoted in the release as saying the property is “tremendously unique” and has “enough space to park eight Boeing 747-400 aircraft.”
Lauren Suazo, director of leasing at Westcore, adds in the statement, “The March Inland Port is home to one of the most sustainable and progressive business centers within California.” She adds that the Port’s “airport fees for aviation operations and service vendors are some of the lowest in Southern California, which will be a strong draw for tenants.”
According to the release, Jim Koenig, David Consani, and Katrin Gist of CBRE represented Westcore in this transaction, while Crow Holdings represented itself.
This is the second large industrial disposition for Westcore in the last couple of months. As we reported in August, the firm sold Cajon Distribution Center, an 830,750-square-foot warehouse property located at 6207 North Cajon Boulevard in San Bernardino, California, to DHL for an unspecified amount.