Cabot Properties, a Boston-based real estate investment firm, has acquired a four-property industrial portfolio in southern California’s Inland Empire for $202 million. The portfolio, totaling nearly 670,000 square feet, was previously owned by an affiliate of Blackstone’s Link Logistics.
Two of the properties that were part of the deal are located in Ontario, Calif. — the 263,670-square-foot 1670 Champagne Ave. and the 147,484-square-foot 1651 S. Carlos Ave. A 103,343-square-foot industrial building in Fontana, Calif. (10917 Cherry Ave.) and a 154,560-square-foot property in San Bernardino, Calif. (750 S. Valley View Ave.) were also included. All four properties are fully leased.
This deal ranks among the largest industrial transactions in the Inland Empire in the last five years: Only three other deals involving four or more properties exceeded 650,000 square feet.
Colliers International brokers Michael Kendall, Gian Bruno, Kenny Patricia, Kylie Jones, Thomas Taylor, Steve Bellitti, and Joey Jones represented both the buyer and seller in the transaction.
Interestingly, Cabot had previously owned three of these properties (1651 S. Carlos Ave., 10917 Cherry Ave., and 750 S. Valley View Ave.) and sold them to Link Logistics. The recent reacquisition marks a strategic move for Cabot.
Cabot has also been active in selling industrial properties in the region. In October, the firm sold a 278,650-square-foot warehouse to Rexford for $70.1 million.
Overall, the Inland Empire industrial market has been a hotbed of activity in recent years. Other notable deals include Stockbridge’s $142.3 million acquisition of a 540,000-square-foot portfolio from Principal Asset Management, as well as Cabot’s $76.8 million purchase of a 236,000-square-foot property from Transwestern Development Company.
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