Kearny Realty Co., a developer in Riverside County, California has sold GLP Capital Partners a five-building industrial logistic center that was recently completed for almost $325 million.
The deal, which was closed in April's last week, is what the broker of the deal called "one of the largest ground lease ownership transfers ever in Southern California and the Inland Empire".
Kearny broke the ground for Corona Lakeside Logistic Center in early 2021, a 730,000 square-foot industrial development in the Inland Empire. The project was completed recently.
The Class A Industrial Logistics Campus is located at Sherborn Street & Magnolia Avenue, in Corona's industrial hub. It includes five buildings that can be divided into smaller units ranging in size from 71,000 square feet to 205,000. This campus is the largest speculative development in the Inland Empire.
Colliers industrial experts Michael Kendall and Richard Schwartz, Gian Bruni, Joey Reaume, and Kenny Patricia, acted on behalf of the two parties to facilitate this deal.
Corona Lakeside Logistics Center was GLP Capital’s second Riverside County Investment in the past six months. Kendall and his team had previously acquired a Perris Property for $90 Million.