GLP Capital Partners has acquired a $324m (€293m) logistics centre in the US from Kearny Real Estate.
The global alternative asset manager has acquired the 730,000sqft Corona Lakeside Logistics Center in Southern California.
The complex of five newly-completed buildings is situated on a 38-acre block in the Inland Empire area of Los Angeles.
Colliers, which brokered the deal, said the sale represents the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest-ever in Southern California.
The acquisition is in line with GLP’s broader investment strategy of acquiring best-in-class assets in industrial markets with high barriers to entry, according to an industry source close to GLP.
The latest acquisition is GLP’s second large Inland Empire Industrial acquisition in the past six months. The company bought a fully-leased warehouse in Perris for $90m from WPT Capital Advisors in December.
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