GLP Capital Acquires Inland Empire Warehouse for $90M

Inland Empire warehouses continue to fetch top prices in one of the nation’s tightest industrial markets. The latest deal is the $90M acquisition of a 355K SF facility in Perris that is fully occupied by a 3PL firm.

GLP Capital Partners has purchased the Class A building at 251 East Rider Street from WPT Capital Advisors. The warehouse is leased to iDC Logistics, a Los Angeles-based third-party logistics company.

The transaction was brokered by a Colliers team of Michael Kendall, Gian Bruno, Kenny Patricia, Mark Zorn and Cory Whitman.

The warehouse, located on 16 acres and built in 2019, includes 36-foot-high clearances, 47 dock-high doors, a fully secured truck court and parking for 64 trailers and 183 vehicles.

There has been a slew of big-ticket warehouse trades in Inland Empire this year. In April, Rockefeller Group sold Val Verde Logistics Center, a 289K SF distribution center in Perris, for $92M.

In July, a warehouse in the Inland Empire city of Eastvale traded for nearly five times its last purchase price. KKR Real Estate Partners Americas III, a fund managed by KKR, paid $136.5M for a 281K SF industrial facility at 6300 Providence Way. KKR bought the asset from Parker house, which acquired it for $23M in 2017.

In September, TA Realty bought two Inland Empire warehouses from JCS Properties for a total of $133.5M. The company paid $92M for a 254K SF complex in City of Industry, and $41.5M for a 140K SF warehouse in Corona. Stream Realty Partners represented the buyer in the off-market transaction.

In another Inland Empire industrial transaction brokered by Stream Realty, Ottogi America in September paid a record $56M for a 106K SF warehouse in Ontario that was sold by Winsford Corp.

In October, GLP was also the buyer in the priciest industrial deal this year in Orange County. The company acquired a 406K SF warehouse at 458-486 East Lambert Road in Fullerton from Swiss Re Group, the Zurich-based insurer.

GLP paid $156M for the Fullerton facility, a deal that translates into about $384 per SF. Swiss Re, one of the largest global reinsurers, bought the 18.6-acre property in 2014. The OC warehouse has been leased for the past 10 years to Fedex, which takes about 160K SF of the building.