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."
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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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
