Oaktree Capital Management is growing its presence in Southern California. According to public records, the company purchased a 457,125 square foot industrial building in San Bernardino for $121 million, or nearly $265 per square foot. The property was sold by an entity linked to Real Estate Development Associates.
The property is located at 503 E Central Ave. and consists of a single industrial building on 20 acres. The property was constructed in 2022.
The property is surrounded largely by other industrial properties, with occupants including Kohl’s, Burlington, Amazon and others. The property is also located just southwest of the San Bernardino International Airport and both Interstate 215 and 10.
Oaktree Capital Management was founded in 1995, and in 2019, Brookfield Asset Management acquired a majority interest in the firm. Oaktree currently maintains $172 billion worth of assets under management and has over 1,100 employees and offices in 20 cities across the globe.
Real Estate Development Associates is an investment company which acquires and develops industrial and office properties throughout Southern California. The company has been active in the Inland Empire in recent months.
Late last year, the firm also acquired a 130-acre plot of land for the development of its Ontario Ranch Business Park. Real Estate Development Associates paid $122 million for the plot of land which is bounded by Euclid and Merrill Avenues. Once completed, the business park will consist of 12 buildings totaling more than 3.2 million square feet of logistics and e-commerce space.