Link Logistics Sells SoCal Portfolio for $263M
Partnership acquires seven properties encompassing 851K SF.
Link Logistics has sold a portfolio of industrial assets in Southern California for $263M to a joint venture of George Urban Advisors, Five Horizon Partners and DRA Advisors.
The portfolio includes seven properties spread across Orange County and Los Angeles County.
The joint venture financed the purchase with a $165.3M loan from New York Life Insurance. A CBRE National Partners team assisted the seller; the buyer was self-represented. George Urban Advisors, an operator of multi-tenant industrial properties, will head up property management for the portfolio.
The Orange County assets acquired by the joint venture include The Row, Laguna Hills. The largest property in the portfolio, The Row encompasses 513K SF across 25 buildings, located on 31 acres at 23251-23501 Avenida de la Carlota, 23452-23641 Ridge Route Drive and 23501-23562 Commerce Center Drive.
Tenant space types at The Row, which opened in 1979, range from interior retail, warehousing and distribution to showroom industrial and restaurant.
The Orange County assets also included Plaza Del Lago, in Laguna Hills., which includes 101K SF of retail and industrial space across three buildings, located on 6.8 acres at 23001 and 23015 Del Lago Drive and 23052 Lake Forest Drive.
The Los Angeles County properties in the Link Logistics portfolio acquired by the JV include 3283-3299 Walnut Ave. in Signal Hill, a 74K SF industrial park encompasses eight buildings on 4.2 acres. The park was built in 1990.
The other Los Angeles County assets in the deal included a 30K SF warehouse at 2300 Walnut Ave. in Signal Hill, a structure that was built in 1978; 2698 Junipero Ave., a 32K SF building in the Signal Hill Commerce Center; 2700 Rose Ave., Signal Hill, a 28K SF facility that came online in 1980; and 14747 Artesia Blvd., La Miranda, a campus featuring five buildings encompassing 74K SF and dating to 1978.
The sale of the portfolio by Link Logistics doesn’t represent any kind of a pullback from Southern California for the company.
Earlier this month, Link Logistics acquired an AutoZone Distribution Center in the heart of the Inland Empire for $125M. AutoZone has inked a lease on the property through April 2033. Link bought the property from a REIT managed by JPMorgan.
Last fall, NY-based Link Logistics bought an 82K SF logistics warehouse in Montebello for $29.3M. The seller in the off-market deal for the property at 1719 Chapin Road was not disclosed.