Oxford Properties Drops $134M on Santa Clarita Industrial Park for First LA Move
Transaction also includes development rights to 40-plus acres of land within the campus, with a wide array of zoned commercial uses.
The city of Santa Clarita, the third largest in Los Angeles County, is on a tear.
Oxford Properties Group put down $133.5 million for the 14-building Southern California Innovation Park, along with development rights to more than 40 acres of land with multiple zoned commercial uses. The industrial and life sciences business park spanning 118.5 acres was owned by funds managed by L.A.-based firms Oaktree Capital Management and Intertex Companies.
The deal marks Oxford’s first acquisition in L.A. County. The firm is expanding its portfolio with industrial and life sciences assets, and in this case, taking advantage of an opportunity to build their portfolio in a market that has “an overwhelming scarcity of infill developable land.”
Oxford recently acquired a nationwide, 14.5 million-square-foot light industrial portfolio from KKR for $2.2 billion. Earlier this year, too, Oxford bought six life sciences assets throughout the country at a total cost of more than $1.2 billion.
As for Santa Clarita, in addition to its growing multifamily market, it has become a popular target for premier industrial and e-commerce tenants. For example, a major beverage manufacturer recently tripled its space in Santa Clarita, near two Amazon facilities and in the same park as LA North Studios.
Newmark (NMRK) led the sale of Southern California Innovation Park.
Gregory Cornfield can be reached at firstname.lastname@example.org.