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Stockbridge Capital Group Sells 1.7 msf Light Industrial Portfolio to Two Buyers

1/25/24

Stockbridge Capital Group has sold a 1.7 msf multimarket light industrial portfolio known as Project RedHawk. The portfolio was sold in four separate transactions to two different buyers between December 2023 and January 2024 and comprises four sub-portfolios totaling 49 buildings well-located in four major markets: Gateway University Park I & II in Tempe, AZ; Junction Business Park in San Jose, CA; Montbello Industrial Portfolio in Denver, CO; and Powerline Business Park in Pompano Beach, FL.

Gateway University Park, Tempe, AZ
Gateway University Park, Tempe, AZ
Gateway University Park I & II and Junction Business Park were acquired by BKM Capital Partners. The Montebello Industrial Portfolio and Powerline Business Park were acquired by a partnership between a global manager of alternative investments and Brennan Investment Group.

Jim Carpenter and Will Strong of Cushman & Wakefield’s National Industrial Advisory Group together with IAG’s Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison, and Matthew Leupold, in partnership with Robert Buckley, Tracy Cartledge, Scott Prosser, Steve Hermann and Jack DePuy, also of Cushman & Wakefield, represented all parties in the transaction(s).

A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Gideon Gil, Lauren Kaufman, Cecelia Galligan, Dale Braverman, Jason Hochman, Ron Granite, Rob Rubano, Brian Share and Max Schafer also represented the buyer in securing its acquisition financing for Montbello Industrial Portfolio and Powerline Business Park. The lender was a global insurance and investment management company.

“This unique national portfolio comprises a substantial amount of light industrial real estate strategically located in premier industrial infill areas. These locations are situated near crucial economic catalysts such as highways, airports, and other logistical hubs in major U.S. markets, offering convenience to significant population centers,” said James Carpenter, Vice Chair & IAG Head. “The portfolio also consists of attractive value-add assets allowing the buyers the potential to further modernize the buildings through capital investment upgrades, which will provide a tremendous mark-to-market opportunity.”

“Light industrial buildings and the niche small-bay asset class remain in high demand by occupiers as they can accommodate a variety of user types, and therefore this property segment continues to experience strong demand from investors. Additionally, the lack of light industrial/small-bay supply in these markets coupled with increased construction costs give these properties a competitive leasing advantage supported by their solid occupancies,” said Will Strong, Executive Vice Chair. “Each asset is equipped with a fine mix of grade-level and dock-high loading capabilities, ample ceiling clear heights, and varying bay sizes, providing flexibility and organic growth.”

The portfolio consisted of the following four sub-portfolios each sold separately:

• Gateway University Park I & II totals 268.4k sf and is positioned within the sought-after Airport submarket of Phoenix, AZ. Located at 1605-1635 and 1705-1797 West University Dr, the asset consists of 16 buildings and is proximate to key logistics hubs including Phoenix Sky Harbor International Airport and I-43/I-60/I-10/Loop 202, providing true last-mile capability and allowing for immediate access to major population centers.

• Junction Business Park comprises 119.1k sf in two buildings in San Jose, CA, in a prestigious area known as the Golden Triangle. The sub-portfolio is situated at 1911-1943 Hartog Dr and 1914-1968 Junction Ave, in the heart of the Silicon Valley’s logistics market. The buildings are adjacent to San Jose International Airport, US-101 and I-880, and near the Port of Oakland, providing access to both international and domestic markets, including parts of the Bay Area and the larger Northern California region.

• Montbello Industrial Portfolio totals 856k sf and consists of 17 diverse buildings in an excellent infill location in the Airport submarket of Denver, CO. The sub-portfolio consists of multiple addresses bound between Havana St, East 47th Ave, Paris St and along East 51st Ave. The properties offer a strong location defined by its convenience to major freeways: I-25, I-70, I-76, and I-270, providing easy accessibility to the entire Denver Metro. Furthermore, the portfolio is also near the Denver International Airport, America’s third busiest airport, and the Denver Tech Center, a hub for local, national, and international businesses, especially in the technology space.

• Powerline Business Park totals 444.1k sf and comprises 14 small-bay buildings in Pompano Beach, FL. The portfolio is situated along Powerline Rd near Sawgrass Expy, equidistant between I-95 and Florida’s Turnpike, providing quick connectivity to South Florida’s main transportation arteries. The project also lies within Broward County, the second most densely populated county in Florida, and is one of just a few small-bay industrial parks in the North Broward submarket.




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