{"id":1004713803,"date":"2024-05-16T03:57:29","date_gmt":"2024-05-16T11:57:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004713803"},"modified":"2024-05-16T05:11:44","modified_gmt":"2024-05-16T13:11:44","slug":"stockbridge-pays-142m-for-socal-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/","title":{"rendered":"Stockbridge Pays $142M for SoCal Industrial Portfolio"},"content":{"rendered":"
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\"The
The 3351 E. Philadelphia St. property in Ontario, Calif., is a food-grade warehouse completed in 1998. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

San Francisco\u2013based Stockbridge has purchased a two-property, 540,478-square-foot Class A industrial portfolio in Southern California\u2019s Inland Empire from Principal Asset Management for $142.3 million. Cushman & Wakefield advised on the transaction and sourced the acquisition financing.<\/p>\n\n\n\n

The portfolio\u2019s two freestanding buildings are a few miles apart, at 3351 E. Philadelphia St. and 4450 E. Lowell St. in Ontario, Calif. Both are fully leased to single tenants in the distribution and retail industries.<\/p>\n\n\n\n

3351 E. Philadelphia is a food-grade warehouse completed in 1998; it totals 203,408 square feet and is on a 9.5-acre site, according to information provided by CommercialEdge. Its features include 50- by 52-foot column spacing, a maximum 30-foot clear height and ESFR sprinklers.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Why Cold Storage Is Getting Hotter<\/a><\/p>\n\n\n\n

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4450 E. Lowell was completed in 1995 and is 317,070 square feet and on a 14.26-acre lot. It features 50- by 52-foot column spacing, a maximum 30-foot clear height, ESFR sprinklers, and three-phase, 277\/480-volt, 2000-amp electrical service, also according to CommercialEdge.<\/p>\n\n\n

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\"The
The 4450 E. Lowell St. building in Ontario, Calif., was completed in 1995. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

The properties reportedly provide convenient access to Southern California\u2019s freeway network and to Ontario International Airport, the Ports of Los Angeles and Long Beach, and LAX International Airport.<\/p>\n\n\n\n

Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield\u2019s National Industrial Advisory Group\u2013West represented the seller in the transaction. The firm\u2019s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.<\/p>\n\n\n\n

In addition, a Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer and Becca Tse collaborated in sourcing acquisition financing for the transaction.<\/p>\n\n\n\n

Active submarket<\/h2>\n\n\n\n

Cushman & Wakefield\u2019s latest industrial market report states that the Inland Empire West submarket had a vacancy rate of 5.4 percent in the first quarter, making it the tightest submarket in the Inland Empire. Additionally, the submarket reached almost 1 million square feet of positive net absorption in the first quarter.<\/p>\n\n\n\n

Less than two weeks ago, Dalfen Industrial acquired<\/a> from Bixby Land Co. a 340,080-square-foot Class A industrial facility in San Bernardino, Calif., for an undisclosed amount. The building had last traded in 2019, the year after it was completed, for $33.3 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Both properties are fully leased to single tenants.<\/p>\n","protected":false},"author":882,"featured_media":1004713820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,34027,21783,21742,15],"tags":[32799,52388,44465],"class_list":["post-1004713803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-cushman-wakefield","tag-principal-asset-management","tag-stockbridge"],"acf":[],"yoast_head":"\nStockbridge Pays $142M for SoCal Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stockbridge has purchased a Class A industrial portfolio in the Inland Empire from Principal Asset Management for $142.3 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stockbridge Pays $142M for SoCal Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"Stockbridge has purchased a Class A industrial portfolio in the Inland Empire from Principal Asset Management for $142.3 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T11:57:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T13:11:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/3351-E.-Philadelphia-St.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"791\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/\",\"name\":\"Stockbridge Pays $142M for SoCal Industrial Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/3351-E.-Philadelphia-St-e1719391673204.jpg\",\"datePublished\":\"2024-05-16T11:57:29+00:00\",\"dateModified\":\"2024-05-16T13:11:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Stockbridge has purchased a Class A industrial portfolio in the Inland Empire from Principal Asset Management for $142.3 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-pays-142m-for-socal-industrial-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/3351-E.-Philadelphia-St-e1719391673204.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/3351-E.-Philadelphia-St-e1719391673204.jpg\",\"width\":791,\"height\":593,\"caption\":\"The 3351 E. 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