One Blockbuster Deal Pushes Up Industrial's Average Sales Price

Both the number of industrial property transactions and their total sales volume slipped in the U.S. in the first quarter of this year. However, a single enormous deal for California property owned by Genentech pushed the average sale price up 22% from the previous quarter, according to CommercialEdge’s April 2024 national industrial report.

In total, the U.S. recorded sales volume of $9.97 billion for industrial property, with an average sales price of $147 per SF. However, the average would have been $130 per SF had it not been for the acquisition of Genentech’s manufacturing facility in Vacaville from Roche for $1.2 billion in cash by Swiss company Lonza. That sale was for $2,810 per SF, CommercialEdge stated.