Large industrial properties in the Inland Empire continue to trade hands. In one recent deal, an entity linked to GLP Capital Partners acquired a 329,831 square foot distribution center in Jurupa Valley. The firm acquired the property for $125.5 million, or about $380 per square foot, from the State Teachers Retirement System of Ohio, according to a second quarter Inland Empire industrial market report from Colliers.
The property is located at 4345 Parkhurst St. and is currently being utilized as a Petco distribution facility, according to Google Maps. The site is situated in a largely industrial area, with neighbors including GILDAN, Isuzu Logistics, Ceva Logistics and others. Just south of the property, Petco has an additional warehouse at 11180 Cantu-Galleano Ranch Road.
The new owner of the site, GLP Capital Partners, was created in 2011, and currently has $125 billion in total assets under management across 54 funds. The global asset manager focuses on various markets throughout the United States, Europe and Brazil, according to its website.
Over the past several months, GLP Capital Partners has acquired a number of industrial assets throughout the Inland Empire.
In a deal that closed earlier this year, GLP Capital Partners paid $57.3 million, or about $490 per square foot, for a 116,800 square foot warehouse at the Grove Ontario Commerce Center. The property was sold by Penwood Real Estate and is located at 1925 South Grove Ave. in Ontario, according to The Registry’s previous reporting.
Prior to that in December, the firm paid $90 million, or approximately $254 per square foot, for a 354,810 square foot property in Perris. The property is located at 251 E Rider St.
Recent sales in the Inland Empire continue to highlight the region’s strong industrial market. Despite this, the market is not without its challenges and has seen slight increases in vacancy and recorded negative net absorption for the first time in 55 quarters, according to the report from Colliers. That report showed that vacancy rates have increased by 100 basis points to 2.9 percent and net absorption was recorded at a loss of -3.9 million square feet. Regardless, rental rates continue to increase, with the report showing a quarter-over-quarter increase of $0.01 to $1.64 per square foot.
