GLP Buys Inland Empire Logistics Center for $325M

Singapore-based GLP Capital Partners has acquired the newly completed, 730K SF Corona Lakeside Logistics Center for $325M in a deal involving the largest ground-lease transfer in the history of the Inland Empire.

The seller was Kearny Real Estate Co., which broke ground on the five-building industrial campus in Riverside County in early 2021, completing it earlier this year.

Colliers industrial experts Michael Kendell, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia partnered to facilitate the deal on behalf of both parties.

“Kearny built a best-in-class industrial development at the Inland Empire bullseye that is the 1-15/CA-91 interchange,” said Kendall, Vice Chair at Colliers.

The Lakeside center is located at Sherborn Street and Magnolia Avenue in the rapidly growing industrial hub of Corona, a site that offers immediate access to the 71, 91 and 15 freeways. With buildings ranging from 70K SF to 205K SF, the project is one of the largest-scale spec developments in the Inland Empire.

The property sits on a fixed-rate ground lease that the Colliers team structured between Kearny and fee-ownership in 2019. According to the team, the sale represents the largest ground-lease ownership transfer in the history of Inland Empire.

The Lakeside Logistics Center purchase is GLP’s second large Inland Empire Industrial acquisition in the past six months. The same Colliers team involved in the Corona deal brokered GLP’s $90M purchase of a 355K SF warehouse in Perris that is fully occupied by a 3PL firm.

GLP 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 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.

In February, GLP Capital Partners announced its new structure as a dedicated global alternative asset manager that invests primarily through real asset and private equity strategies.

GLP (which refers to itself as GCP) said it is focusing on investing across high conviction and fast-growing new economy sectors such as logistics, data centers, renewable energy and related technologies. The company referred to itself as a pure-play global alternative asset manager in the release.

Originally launched in 2011 as GLP’s fund management business, GLP currently has about $125M in total assets under management worldwide.