Mirae Asset Acquires Amazon-Leased Industrial Portfolio for $520M
The off-market portfolio is located in cities across California and Utah.
Mirae Asset Global Investments has acquired an eight-asset industrial portfolio triple net leased to Amazon for $520 million. The 1.16 million square foot portfolio, sold by a family office investor, is located in cities across California and Utah.
Newmark’s Kevin Shannon, Alex Foshay, Ken White, Andrew Briner, Bret Hardy, Jim Linn and Greg Galusha represented the seller in the sale of the California properties. Newmark’s White represented the seller in the sale of Utah assets. Newmark’s David Milestone and Brett Green arranged the acquisition financing on behalf of the buyer.
“This portfolio was sold off market,” according to Shannon, “which in the industrial sector, is a rare opportunity for the buyer.”
The portfolio totals eight buildings, with six having closed and the remaining two set to close in the next quarter. The six assets that recently closed include a 94,495-square-foot facility in Bakersfield, California; a 111,725-square-foot facility in Riverside, California; a 126,395-square-foot facility in Victorville, California; a 122,156-square-foot facility in Cathedral City, California; a 146,914-square-foot facility in American Fork, Utah and a 201,096-square-foot facility in North Salt Lake City, Utah.
Investment volume for industrial rose 50% year-over-year to $33.9 billion during the first quarter of 2022, according to Newmark research, with major market pricing reaching a record $333 per square foot.