Shopoff Realty Investments announced the acquisition of a 55-acre property in Desert Hot Springs, located in the Inland Empire East region. The company plans to develop a 1,061,090-square-foot distribution/warehouse space on the site.
According to William Shopoff, president and CEO of Shopoff Realty Investments: “Based on our successful sale last year of I-10 Logistics Center in Cherry Valley, we have great confidence in industrial projects along the I-10 corridor. This project presents an exceptional opportunity to acquire entitled land ready for development in an area with high demand from e-commerce companies seeking logistics and warehouse facilities.”
He further stated that this location has potential for long-term investment due to its proximity to major companies like Amazon and FedEx. It also offers significant cost savings for third-party logistics firms compared to similar projects located in Arizona or Las Vegas.
Groundbreaking is expected during the third quarter with completion estimated within 12 months. The firm will begin marketing the project prior to its completion through Colliers’ Ian DeVries and Chris DeVries as well as Stream Realty’s Brad Yates and Stefan Pastor who will handle tenant lease-up.
The article titled “Shopoff Plans 1M-SF Industrial Development” was originally published by Connect CRE.
