US private equity real estate investment management firm Stockbridge has acquired a portfolio of two industrial properties from Principal Asset Management for $142.3m (€131m).
Commercial real estate services firm Cushman & Wakefield said it arranged the sale of the 540,478sqft core industrial portfolio in Southern California’s premier Inland Empire West submarket.
Cushman & Wakefield equity, debt and structured finance business also sourced acquisition financing for the transaction. The portfolio consists of two freestanding fully-leased Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario.
Jeff Chiate, executive vice-chair at Cushman & Wakefield’s national industrial advisory group, said: “Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location.
“Additionally, with current rents below market rate, the buyer has a compelling mark-to-market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”
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