Pacific Industrial has sold a $213.5m industrial property in California to an unnamed institutional life insurance company.
Pacific Industrial said the sale of the fully-let Sierra Pacific Center in Fontana is the largest non-portfolio industrial sale, by value, in California in the past 24 months.
Sierra Pacific Center is a two-building, 1.5m sqft facility
Dan Floriani, partner and co-founder of Pacific Industrial, said: “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well.
“By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with a proven track record of attracting major credit tenants who value best-in-class, Class A+ features.”
Pacific Industrial developed the asset in partnership with an international institutional investor and continues to partner with institutions and pension funds on additional development projects throughout California.
Floriani said the company is currently developing 1.5m sqft of industrial properties in other Southern California markets.
“This activity speaks to a continued institutional appetite for industrial developments where tremendous value creation with the right developer is not only possible, it’s been proven,” Floriani said.