Oaktree Pays $121M for Inland Empire Industrial Development
The region, already one of the tightest industrial markets in the country, continues to draw investors
Institutional investors have become increasingly interested in the industrial real estate opportunities in California’s Inland Empire.
Los Angeles-based Oaktree (OAK-A) Capital Management put down $121.1 million for a 457,125-square-foot development in San Bernardino, Calif., according to data provided by Vizzda. Real Estate Development Associates (REDA) sold the property at 503 East Central Avenue for approximately $265 per square foot.
The project was completed last year on more than 20 acres. Truist Bank (formerly known as SunTrust Bank) provided $475 million in cross-collateralized debt.
The Inland Empire was one of two markets in the nation to host more than $1 billion in industrial real estate transactions in the first quarter this year, according to Commercial Edge. With a 1.7 percent vacancy rate, the region also recorded the highest annual increase in asking rents in the nation at 16.3 percent.
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