MDH Partners today announces the acquisition of Knox Logistics Center, a 147,354-square-foot, Class-A industrial building located in Perris, Calif. The facility is fully leased by Hardwoods Specialty Products. The acquisition is the second California-based industrial purchase by the Atlanta-based firm this month. Houston Hawley and Georga Rowe served as the acquisition leads for MDH Partners. Jeff Chiate, Rick Ellison, Mike Adey, and Matt Leupold with Cushman & Wakefield represented the seller.
“With the acquisition of Knox Logistics Center, we are gaining a state-of-the-art industrial asset located in one of the most sought-after markets in the country,” said Hawley, Vice President of Acquisitions at MDH Partners. “The Inland Empire market is an extremely strategic market for us that speaks to our overall strategy of acquiring Class-A assets at a compelling basis in high-growth markets. We remain bullish on the Inland Empire.”
Knox Logistics Center is situated on 8.2 acres of land and located at 17618 Harvill Avenue. Built in 2017, the property features 89 car parking spaces, ESFR sprinkler systems and 32-foot clear heights. Knox Logistics Center is ideally positioned with 420 feet of freeway frontage along I-215 and is only 6.5 miles from SR-60, providing excellent connectivity to I-15, I-10 and I-605. The property is in close proximity to the San Bernardino International Airport, Ports of Los Angeles and Long Beach and Los Angeles International Airport.
Knox Logistics Center is fully leased to Hardwood Specialty Products, one of the largest architectural decor material suppliers in North America. Founded in 2004, the company is a premier wholesale distributor of hardwood lumber, plywood, MDF, melamine and other specialty products. Hardwood Specialty Products will utilize Knox Logistics Center as a central distribution hub for its California operations.
According to Cushman & Wakefield, the Inland Empire industrial market saw 1.5 million square feet of absorption in the first quarter of 2023 and at the end of the quarter, only 1.9% of the region’s industrial space remained vacant. In addition, the Inland Empire industrial market ranked second in the nation for new leasing activity in the first quarter of 2023.
Earlier this month, MDH Partners acquired Harvill Logistics Center, a 333,570-square-foot, Class-A industrial building occupied by a global healthcare company located in Riverside, California. The firm has remained active this year, acquiring over three million square feet of industrial assets throughout the U.S. since January. MDH Partners recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania, and currently owns more than 100 assets across 20 states.
About MDH Partners
MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $8 billion (100 million square feet) of acquisitions, developments, and asset management as an advisor and investor. For more information, visit www.mdhpartners.com.
