GLP Capital Pays $490 PSF for New Inland Empire Warehouse
Despite larger economic corrections coursing through commercial real estate, industrial investment sale prices are still on the rise in Southern California.
GLP Capital Partners (GCP) acquired a new 116,800-square-foot warehouse completed earlier this year at the Grove Ontario Commerce Center for $57.3 million, according to data provided by Vizzda.
That sale price equals $490 per square foot, or $10.4 million per acre. It’s significantly higher than the $275-per-square-foot average sale price in the Inland Empire this year, per Commercial Edge.
Penwood Real Estate Investment Management sold the property at 1945 South Grove Avenue in Ontario, Calif., at the southeast corner of Francis Street.
The Ontario region has been one of the most popular landing spots for industrial developers and tenants. In April, Blackstone’s Link Logistics acquired an AutoZone distribution center for $125 million, and, last fall, Real Estate Development Associates bought 130 acres for $122 million to build one phase of the South Ontario Logistics Center.
Singapore-based GCP has also been active throughout the Inland Empire. Earlier this year, the company acquired the five-building, 730,000-square-foot Corona Lakeside Logistics Center for $325 million. Last fall, the company and Clarion agreed to pay $158 million for a distribution facility that’s leased to third-party logistics firm Kenco Group.
Gregory Cornfield can be reached at email@example.com.
CORRECTION: This article has been updated with the property’s correct address.