Stag Industrial Snags Two Buildings in Inland Empire for $36M
By Nick Trombola November 6, 2023 1:59 pm
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Stag Industrial has expanded its industrial footprint after purchasing an industrial property in California’s Inland Empire.
The Boston-based REIT acquired the two buildings at 33360 & 33380 Zeiders Road in Menifee, Calif., from seller Jupiter Holdings for $36 million, according to data provided by Vizzda. The deal pencils out to $229 per square foot.
Property records show the site last sold for $12.3 million in April 2021. The buildings, now known as Scott Road Commerce Center, were built in 2018 and 2022, with 157,147 square feet on 10.6 acres. Marketing materials published earlier this year show 36,418 square feet of space being available for lease starting this month for $1.25 per square foot per month.
Inland Empire maintains the strongest rent growth in the nation for industrial properties, with average rents rising 17.4 percent year-over-year through the first nine months of the year, according to Commercial Edge’s more recent report. It also leads in asset sales with $3.63 billion in industrial properties trading hands so far this year, at approximately $251 per square foot on average.
Stag acquired 12 buildings in the third quarter, according to its latest earnings report. The company paid $204.3 million for the properties, which total 1.5 million square feet.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
