Brookfield-Backed Fund Sells 526K SF Warehouse: The Los Angeles Deal Sheet
A Brookfield-backed fund sold 890 E. Mill St., a 526K SF warehouse in San Bernardino, to Overton Moore Properties. The property is 100% leased to a credit tenant with 4.5 years remaining on their lease.
Features include a cross-dock design, 192 dock-high loading doors and 771 trailer parking stalls on 29 acres of excess land. A sale price was not disclosed, but a source with knowledge of the sale indicated the purchase price was more than $100M.
Jeffrey Cole, Jeff Chiate, Rick Ellison, Matthew Leupold, Aubrie Monahan and Kristen Schottmiller of Cushman & Wakefield’s industrial advisory group represented the seller. A Cushman & Wakefield equity, debt and structured finance team of Rob Rubano and Brian Share are arranging the acquisition financing.
PEOPLE
SRS Real Estate Partners added three industrial professionals to the firm’s Newport Beach office. Ian Diaz and Tyler Gebauer join as vice presidents, and Sean Harlow joins as an associate. All three come to SRS from Marcus & Millichap.
Diaz and Gebauer will focus on the acquisition, disposition and leasing of industrial real estate throughout Southern California. Harlow will specialize in commercial investment and leasing.
SALES
Brixton Capital sold Pavilion Shopping Center, a 138K SF, grocery-anchored retail property in Vista, for $30.5M. Milan Capital Management acquired the shopping center.
JLL represented Brixton Capital and sourced $19.5M in acquisition financing.
The open-air shopping center at 1900-98 Hacienda Drive is within Vista's main retail node, with major retailers including Costco, Home Depot, TJ Maxx and Hobby Lobby within a one-mile radius.
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Atlantic Pearl Investments Inc., a Ghassemieh family investment vehicle, purchased 2555 Townsgate Road, a Class-A, two-building office campus in Thousand Oaks for $19.25M, or around $193 per SF.
Colliers announced the sale of the roughly 100K SF campus but did not disclose the seller. Colliers Vice Chair Sean Fulp, Executive Vice President Mark Schuessler, and Associate Vice Presidents Blake Hammerstein and Jordan Garcia represented the seller. Colliers Senior Vice President Jason Roth arranged the acquisition financing.
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Peer Properties-2 LLC has purchased a freestanding, 47K SF industrial property in San Diego in a 1031 exchange.
There were multiple offers for the property at 12375 World Trade Drive, including owner-users and traditional investors, CBRE’s Matt Pourcho said in a release. The property features office space, a minimum clear height of 24 feet and heavy power.
Pourcho and CBRE’s Sean Williams, Bill Dolan, Ryan Sparks and Anthony DeLorenzo represented the seller, ALFA Partners LLC.
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Daum Commercial Real Estate Services sold a 19.57-acre industrial outdoor storage yard, including 13 buildings totaling 50K SF at 517-629 S. Benson Ave. in Ontario near Ontario International Airport. The sale price was undisclosed.
Daum Executive Vice President Gus Andros and Alliance Realty's Alex DeCampo represented the seller, a private family owner. JLL’s Chad Solomon represented the buyer, an undisclosed Austin-based owner and operator specializing in truck terminals across the country.
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Steel Peak sold a 17K SF IOS property located on 1.53 acres at 1360 N. Magnolia Ave. in El Cajon to a private investor for $7.4M.
Steel Peak originally acquired the property in April 2023 for $5.4M. The company secured a long-term lease for the entire property with Sunstate Equipment Rentals.
FINANCING
S3 Hotel Group's dual-branded, 208-key Homewood Suites by Hilton and Hampton Inn Irvine Spectrum Lake Forest secured a $38.6M refinance.
The hotel at 23021 Lake Center Drive in Lake Forest features 116 Homewood Suites rooms and 92 Hampton Inn rooms. The Homewood Suites offers extended-stay accommodations, while Hampton Inn rooms provide traditional hotel amenities.
JLL worked on behalf of S3 Hotel Group to secure a five-year, fixed-rate loan through the private wealth management division of an undisclosed global financial services firm.
