Los Angeles, Calif. – Colliers announced the sale of a 102,516-square-foot distribution building located at 9180 Center Ave within the Inland Empire West submarket of Greater Los Angeles. Senior executive vice president, Clyde Stauff and vice president, Jace Gan represented both the buyer and seller in this transaction. A fund managed by Black Creek Group, a leading real estate investment firm that was acquired by a subsidiary of Ares Management Corporation on July 1, 2021, purchased the Class-A building for $24,470,000 from the previous owner, Woomer Reverse, LLC.
The facility, built in 2004, includes an ESFR sprinkler system, 30’ clear height, two suites, and a large concrete truck court. The building is conveniently situated near the 10 and 15 Freeway intersection. The growing expansion of large and well-capitalized firms allows the Inland Empire market to outperform neighboring infill markets in leasing activity.
”The Center Avenue building is a Class-A distribution building and was 100% leased with two quality tenancies in place, which is an ideal acquisition for a high-quality owner and operator such as this buyer,” Stauff said.
Clyde Stauff and Jace Gan specialize in the sales and leasing of “big-box” industrial facilities and industrial land throughout the greater Los Angeles area. Both professionals are skilled in development planning, lease and investment analysis, and disposition strategies.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, including the acquisition of Landmark Partners, which closed June 2, 2021, and the acquisition of Black Creek Group, which closed July 1, 2021, Ares Management’s global platform had approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East.
About Ares Black Creek Group
The U.S. real estate investment advisory and distribution business of Black Creek Group, a leading real estate investment management firm, was acquired by a subsidiary of Ares Management Corporation on July 1, 2021. The firm has invested in institutional quality commercial real estate across the U.S., managing diverse offerings across the industrial, multifamily, office and retail sectors and providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history, Black Creek Group had bought or built over $23 billion of investments. As of March 31, 2021, the firm had a national footprint of 75.8 million square feet across 31 U.S. markets, including properties under control and development.
