Stockbridge Capital Group has landed $350 million in financing to acquire a 26-property industrial portfolio comprising 6.3 million square feet across nine markets in the U.S., with most of the properties located on the West Coast. The seller was San Diego-based Westcore Properties, which did not disclose a sale price.
An Eastdil Secured team of Stephen Silk, Jay Borzi and Adam Pastor represented Westcore Properties in the deal, while Stockbridge represented itself. PGIM Real Estate Finance provided the financing in the deal, with a team of Jaime Zadra and Elizabeth Velazquez arranging the acquisition financing through two 7-year, fixed-rate loans.
The institutional-quality logistics and e-commerce assets are located in five states—California, Arizona, Nevada, Utah and Indiana. Of the 26 properties, 11 are located in the California markets of the Inland Empire, East Bay, San Diego and Central Valley. Another 12 properties are located in Sparks, Nev., and one each is located in Phoenix, Salt Lake City and Lebanon, Ind.
The portfolio is nearly 100 percent leased, despite several of the properties being vacant at the time of the sale. Westcore began buying the properties in 2016 and has since completed renovations at nearly all of them. Tenants at the assets consist mostly of big-box and last-mile users. The portfolio includes bulk distribution facilities measuring up to 1.1 million square feet as well as light industrial properties.
Earlier this month, Westcore purchased a newly built, 379,800-square-foot industrial property in Phoenix from a joint venture of Wentworth Property Co. and a private real estate fund managed by Crow Holdings Capital.