Walmart Acquires Cold Storage Facility In Riverside, CA From State Street Corporation For $223M

The property is a cold storage facility located at 1001 Columbia Avenue in Riverside, CA. It encompasses an area of 507,000 square feet and has a sale price of $223,000,000, equating to a price per square foot of $440. This industrial asset is situated in a market where demand for cold storage and industrial logistics space continues to rise.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $223,000,000
• Address: 1001 Columbia Avenue
• Market: Riverside, CA
• Square Footage: 507,000 sf
• Price Per Square Foot: $440
• Buyer: John Furner - Walmart
• Seller: State Street Corporation
• Buyer's Representative: Scott Coyle, Peter McWilliams & Tim O'Rourke - JLL
• Seller's Representative: Eastdil Secured

Walmart Realty acquired the facility, which it has leased since 2010, indicating a continued operational commitment to temperature-controlled distribution. The seller, State Street Corporation, chose to divest the asset as the industrial sector experiences increasing demand relative to supply.