Doug McMillon Of Walmart Acquires Industrial Warehouse From Ronald P. O’Hanley For $111.5M

The sale involved a 507,000-square-foot industrial property located at 1001 Columbia Avenue in Riverside, California, covering an area of 25 acres. The transaction was completed at a sale price of $111,500,000, resulting in a price per square foot of $220. The property was previously owned by State Street Corporation and is situated near Interstate 215. It is also notable for being LEED-certified and is currently shared with a tenant, Lineage Logistics.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $111,500,000
• Buyer: Doug McMillon - Walmart
• Seller: Ronald P. O’Hanley - State Street
• Asset Size: 507,000 square feet
• Price per Square Foot: $220
• Location: 1001 Columbia Avenue, Riverside, California
• Acres: 25
• Market: Riverside
• Notable Tenant: Lineage Logistics
• LEED Certification: Yes

Doug McMillon, representing Walmart, acquired the industrial property from Ronald P. O’Hanley of State Street Corporation. This acquisition reflects Walmart's strategy to expand its distribution network across the United States, emphasizing ownership of its logistics infrastructure.