Stockbridge JV Sells 1 MSF Outdoor Storage Portfolio
A joint venture between Stockbridge Capital Group and Dedeaux Properties has sold a 1 million-square-foot portfolio of Class A outdoor storage properties located around Southern California’s cities of San Bernardino and Rialto, in the Inland Empire.
The San Francisco and Los Angeles-based owners sold the three-building, 23-acre portfolio for an undisclosed amount to a buyer procured by JLL Capital Markets. The firm’s Senior Managing Director Mark Detmer, Senior Director Evan Moran and Director Chad Solomon lined up the buyer, while Executive Managing Directors Patrick Wood and Louis Tomaselli advised the owners around the market.
Stockbridge’s sale of the portfolio is its second industrial divestment in under a week. In late January, the firm sold Project RedHawk, a 1.7 million-square-foot, 49-building portfolio with properties in Arizona, Colorado, California and Florida.
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Additionally, Managing Director Brian Halpern and Vice President Jason Rosin procured financing for the buyer.
The three properties that traded are located at 446. S Yucca Ave., 1066 N Tippecanoe Ave. and 1938 W. 5th St., and were constructed between 1990 and 2019, CommercialEdge shows. The 446. S Yucca Ave. asset is an 11,057-square-foot property, neighbored by several manufacturing companies and storage facilities, as well as a distribution center operated by Staples. The other two plots are located in Opportunity Zones, the same source shows.
The three properties, all located within 7 miles of each other, feed into onramps to the Interstate 215, giving them quick driving access to much of the Inland Empire, as well as Los Angeles, located 50 miles to the West.
Events in the Inland Empire
The Inland Empire continues to lead the nation’s transaction volume, closing on more than $3.3 billion in sales through 2023. In August, Westcore Properties grew its presence in the area with the acquisition of 16 buildings totaling 3.5 million square feet. One month prior, MDH Partners purchased the Harvill Logistics Center, a 333,570-square-foot facility for $112.3 million.
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