Home Training The Amazon-leased facility is listed for $102 million

The Amazon-leased facility is listed for $102 million


18025 Slover Ave. Image courtesy of JLL

Raven Holdings sold an Amazon-leased industrial assets in the Inland Empire region in high demand in Southern California for $102 million or $296 per square foot with JLL. Based in Salt Lake City Property reserve has acquired a distribution facility of about 344,400 square feet in Bloomington, Calif., according to CommercialEdge.

The deal brings Property Reserve’s Inland Empire industrial portfolio to more than 1.6 million square feet, according to CommercialEdge. The market boasted its own the lowest vacancy in the industry in the country at 0.8 percent in the second quarter of 2022, according to Newmark research.

And the industrial market of the Inner Empire will only strengthen. “Among the major cities of the market basin, there is growing hesitation to create a new industrial product,” the Newmark report said. “The pushback from local cities, along with skyrocketing land values, is leading to increased construction in areas that were once considered prime.”

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Known during the project stage as the Clover Distribution Center, the property at Slover Ave. 18025 was laid in early 2020 and completed in 2021. The last mile facility is located on more than 17 acres south of Interstate 10, near Interstate 60 and 91. Interstate 15 and 215 are also nearby.

CommercialEdge reports that Amazon leased the property in the last quarter of 2021. The e-commerce leader uses the LEED Silver-certified facility as a robotics distribution center. The property has the typical amenities of a modern industrial property, including 36ft clear headroom, LED lighting and ESFR fire protection. Additional features include 49 dock doors, a 185-foot-deep truck bay, 3 percent skylights, 3,300 square feet of office space and ample parking.

Mark Dettmer, Ryan Sitow and Evan Moran of JLL led the Capital Markets Investment Sales and Advisory team that represented the seller.

First comes the funding

Crow Holdings spent the first half of 2022 making important announcements related to the financing of key activities. In March, Crow Holdings Industrial Properties Trust, an acquisitions and development entity managed by Crow Holdings Capital, backed by advisory and family office platforms, closed more than $600 million in equity commitments for a total of $1.5 billion in acquisitions. abilities.

Also in the first quarter of 2022, Crow Holdings announced the final closing of Crow Holdings Development Opportunities Fund I LP, an investment vehicle focused on the development of industrial assets as well as real estate in other selected sectors, reaching a hard cap of $750. million after a six-month fundraising period. The oversubscribed vehicle has a total of more than $1.5 billion in raised investment funds.

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