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12/12/22
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A 205.6k sf industrial building in the Inland Empire city of Perris was purchased for $59.275 mil ($288/sf) by a fund managed by Ares Management. The facility is fully leased to GPA Logistics.
Built in 2022, the facility is situated on 9.56 acres at 100 Walnut Ave, just east of I-215. It includes a 36-foot clear height, 27 dock doors and 1,200 amps of power.
Cody Lerner with Avison young represented the buyer in the deal. The seller, 100 Walnut LLC, was represented by Carol Taubman of Westgate Industrial Properties. The closing cap rate was 5.5%.
“Timing is everything, which was the case for this transaction,” said Lerner. “Given the uncertainty in the market, the seller chose to dispose of the asset at a strategic time prior to the end of the year. Our client recognized the attractive quality and strategic location of this asset and was able to move swiftly. This aligned investment timing allowed for a beneficial situation for both parties.”
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