Blackstone’s Link Logistics Sells SoCal Warehouses for $202M
The four-property deal is one of the largest in the region in 2024.
By Nick Trombola November 6, 2024 4:19 pm
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A fully leased, four-property industrial portfolio with nearly 670,000 square feet in Southern California’s Inland Empire has traded hands in one of the region’s largest deals so far this year.
Boston-based Cabot Properties paid $202.1 million for the properties owned by an affiliate of Blackstone (BX)’s Link Logistics, according to property records. The portfolio includes 1670 Champagne Avenue, which totals 263,670 square feet, and 1651 South Carlos Avenue, at 147,484 square feet, both of which are in Ontario, Calif. Also sold were 10917 Cherry Avenue in Fontana, at 103,343 square feet, and 750 South Valley View Avenue in San Bernardino, at 154,560 square feet. All four properties are 100 percent occupied.
New York-based Link Logistics sold the portfolio, records show. Yet Cabot had built and owned three of the properties — 1651 South Carlos Avenue, 10917 Cherry Avenue and 750 South Valley View Avenue — and later sold them to Link, a person familiar with the deal told Commercial Observer. It wasn’t immediately clear exactly when and for how much Cabot sold those properties, or why it decided to buy them back.
Colliers (CIGI)’ Michael Kendall, Gian Bruno, Kenny Patricia, Kylie Jones, Thomas Taylor, Steve Bellitti and Joey Jones brokered the latest deal on behalf of both the buyer and seller. Only three sales in the Inland Empire exceeding 650,000 square feet have included four or more properties in the past five years, per Colliers.
A spokesperson for Link declined to comment.
The deal is one of the largest in the Inland Empire’s industrial market so far in 2024. Investment management firm Stockbridge acquired an industrial portfolio earlier this year from Principal Asset Management for $142.3 million, though just two properties totaling about 540,000 square feet were included. Over the summer, Cabot spent $76.8 million to acquire a roughly 236,000-square-foot property from Transwestern Development Company.
Cabot has also sold logistics facilities in the region lately. In October, it traded a 278,650-square-foot warehouse to Rexford for $70.1 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
