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Stockbridge Buys 540k sf Inland Empire Industrial Portfolio for $142 Mil

5/16/24

San Francisco-based Stockbridge acquired a two-building, 540.5k sf industrial portfolio in the Inland Empire West in a $142.25 mil ($263/sf) transaction. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller, Principal Asset ManagementSM, in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 msf of positive net absorption (occupancy growth) in the first quarter of 2024.





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