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June 24, 2024
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Brookfield Property Group Picks Up 80k sf Multi-State Industrial Portfolio


Brookfield Property Group purchased a seven-property, 80k sf multi-state industrial portfolio for $24.765 mil ($309/sf). The single-tenant assets, located in prized infill locations, all in top U.S. metropolitan areas, were sold by Lowenberg Corporation.

Cumulatively, the properties are situtated on 13.22 total acres of land. Addresses and square footage for each property can be found below:

• 5775 Eastgate Drive, San Diego (6.4k sf)
• 8416 Specialty Circle, Sacramento (7.5k sf)
• 4755 W. University Ave, Las Vegas (9.9k sf)
• 3801 E. Wood St, Phoenix (12.9k sf)
• 1385 Umatilla St, Denver (14.8k sf)
• 4201 Felter Lane, Austin (8k sf)
• 1801 Penhall Way, Anaheim (20.6k sf)

All seven properties are currently operated as equipment yards with small industrial buildings on-site, and fully leased to Penhall Corporation, the largest provider of concrete services in the United States. Several million dollars of mission-critical equipment are currently kept at each of the seven locations.

Colliers’ Michael Kendall, Greig Lagomarsino and Gian Bruno with Colliers represented the seller in the transaction. The buyer was self-represented.

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