Walls have been tilted at Colton Commerce Center, a four-building 182,123-square-foot Class A industrial park with buildings ranging from 40,000 to 50,000 square feet located in a federally designated Opportunity Zone at 2245 West Valley Blvd. in Colton. The buildings at this Inland Empire development are available for sale or lease, with construction scheduled for completion in December 2025. 

JLL’s team of Cody Clayton, Scott Coyle and Jay Cuccia are marketing the property on behalf of ownership. “Unlike standard industrial building acquisitions, which offer no capital gains deferral or exemption, ownership at Colton Commerce Center allows buyers to eliminate federal capital gains tax on appreciation if held for 10 years, translating into millions in long-term savings,” said Clayton.

He continued, “Purchasing one of the buildings at the property would allow owner-users to avoid exposure to future rent and building cost increases while securing space in one of the most sought-after industrial markets in the United States.”

On June 18, join industry-leading experts when they explore the most important topics in today’s CRE markets. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. The 9th Annual Connect Los Angeles 2025, June 18 at the Intercontinental Los Angeles Downtown. 

Inland Real Estate Investment Corporation and Devon Self Storage have completed the construction of a 59,837-square-foot Class-A self-storage facility located in Springfield, Massachusetts.

Located at 2155 East Columbus Avenue near a major downtown thoroughfare and the I-91 overpass along the Connecticut River, the property previously served as a historic factory building. The redeveloped facility is comprised of three interconnected buildings encompassing 601 climate-controlled self-storage units, drive-thru unit capability and a 24-hour security system.

“Considered a top underserved market for self-storage in 2024, we are pleased to help close the market’s supply and demand gap and continue our collaboration with Devon to bring top-tier self-storage properties to markets nationwide,” said Keith Lampi, CEO and president of Inland Investments. Inland Investments’ current self-storage portfolio spans more than $1.7 billion in assets under management. Devon currently manages 188 properties with a footprint in 32 states across the country.

Alliance Industrial Company purchased 66.75 acres of land near the Northeast Georgia Inland Port in Gainesville, Georgia. The company will develop two speculative industrial buildings totaling 540,408 square feet. Building 100 will be 113,536 square feet and Building 200 will be 426,872 square feet. The park will be named Alliance 985 Business Park.

Avison Young’s Chris Hoag, Jason Holland, and Andrew Joyner arranged the transaction on behalf of Alliance and have been tapped to handle leasing. Stephen Lovett and Zach Tibbs of Norton Commercial represented one of the four parcels of land.

Alliance will break ground on the project in Q1 2025 and is slated to deliver in early 2026. With immediate access to I-985 and within 15 miles of I-85, the park offers excellent connectivity to local, regional, and national distribution channels. Tenants will benefit from proximity to key logistics hubs such as UPS and FedEx.

Harrison Street has sold three senior living properties, Clarendale of St. Peters, Clarendale of Chandler and Clarendale at Indian Lake, to Inland Real Estate Group. Chicago-based Harrison Street developed the three high-end senior living communities located in St. Peters, MO; Chandler, AZ; and Hendersonville, TN in a joint venture with Ryan Companies and Life Care Services.

The properties comprise 635 senior living units and are 92% leased. Although the sale price was not disclosed, published reports last year said Harrison Street sold another Clarendale-branded property in Algonquin, IL to Inland for $63 million, or roughly $338,000 per unit.

“The successful sale of these properties highlights the ongoing investor interest in gaining exposure to high-quality senior living assets at a time when there are few institutional quality portfolios in the market and new construction is at a 10-year low,” said Ben Mohns, head of asset management – North America at Harrison Street. “We are committed to working with partners to develop top-tier senior housing communities that address the evolving needs of our aging population, and then identify the optimal time to engage in portfolio sales to generate liquidity on behalf of our investors.”

Pictured: Clarendale of St. Peters.

IPC Alternative Real Estate Income Trust, Inc., a publicly registered perpetual-life NAV entity focused on alternative property sectors, announced its operating partnership, IPC Alternative Real Estate Operating Partnership, LP, closed on the acquisition of four self-storage properties.

Two of the properties are located in the Atlanta metropolitan area, and the other two are in Montgomery, Alabama. In total, the self-storage properties comprise 2,275 storage units, including 1,810 climate-controlled units, covering 250,610 square feet.

The Operating Partnership acquired the properties through the acquisition of 100% of the beneficial interests in Self-Storage Portfolio V DST, sponsored by Oak Brook, Illinois-based Inland Private Capital Corporation.

The aggregate purchase price was $25.5 million, which is equal to the independently appraised value of the properties performed by a real estate valuation firm, less approximately $17.7 million in indebtedness secured by the properties.

Oak Brook, Illinois-based Inland Private Capital Corporation (IPC) has completed a more than $46 million capital raise for the private investment offering of Algonquin Senior Living DST, an IPC-sponsored Delaware statutory trust.

The DST owns a Class A, private pay, 186-unit senior living community in Algonquin, Illinois. The community is comprised of independent living, assisted living and memory care units. The offering has been fully subscribed by investors and is now closed.

“While several factors are driving senior living demand growth, the aging U.S. population is increasing the need for communities and services,” commented Nati Kiferbaum, senior vice president – head of investment product strategy for IPC.

To date, IPC’s senior living portfolio consists of 1,273 units and a total of nine communities across Arizona, Illinois, Kansas, Minnesota and Missouri. IPC also manages a diverse portfolio of more than $12.2 billion across several asset classes spanning 43 states.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19.