Walmart Acquires 507,000 SF Cold Storage Facility in Riverside for $223 Million

RIVERSIDE, Calif. — Walmart Realty, a subsidiary of Walmart, has completed a $223 million acquisition of a 507,000-square-foot cold storage facility at 1001 Columbia Avenue in Riverside, California, JLL announced May 28, 2026. The deal converts a lease the retailer has held since 2010 into full ownership and underscores the strategic value of large-format, temperature-controlled industrial real estate in Southern California's Inland Empire region.

The transaction implies a price of approximately $440 per square foot.

Deal Details

The property at 1001 Columbia Avenue features 42-foot clear height, 98 dock doors, 120 trailer stalls, 22,500 square feet of office space, and 565 parking stalls. The facility is situated less than four miles from Interstate 215, California State Route 60, and California State Route 91.

Walmart has operated the facility as a temperature-controlled distribution center since 2010 and will continue to do so under its new ownership. The seller, State Street Corporation, was represented by Eastdil Secured.

JLL's Scott Coyle, Peter McWilliams, and Tim O'Rourke represented Walmart in the acquisition. Jomar Benoit, Walmart Senior Manager of Industrial Real Estate, also played a key role in completing the transaction, according to JLL.

"Walmart's decision to acquire this building reflects the company's commitment to the facility and property in serving its customers," said Scott Coyle, JLL Managing Director. "Demand for temperature-controlled logistics infrastructure continues to outpace supply across the greater Los Angeles basin. This transaction highlights the irreplaceable nature of existing large-format cold storage facilities and reinforces the Inland Empire's role as a key market for Southern California's food distribution ecosystem."

Inland Empire Industrial Market Context

"The Inland Empire industrial market is expected to see continued demand from a variety of users including third-party logistics, retail, and ecommerce firms," said Peter McWilliams, JLL Vice Chairman. "The limited speculative construction pipeline coupled with robust tenant demand should begin to positively impact net absorption, vacancy and availability over the coming quarters."

Transaction Structure

Financing terms were not disclosed. JLL, which reported annual revenue of $26.1 billion and operations in over 80 countries as of March 31, 2026, advised Walmart through its Capital Markets platform.

Sources

JLL Newsroom: Walmart buys 507K SF cold storage in Riverside for $223M (May 28, 2026)