Private Firm Sells Prized Seven-Property Industrial Portfolio in Southwest Markets
SAN FRANCISCO (April 22, 2020) – Leading global commercial real estate services and investment advisory firm, Colliers recently negotiated the sale of seven single-tenant industrial properties on behalf of a privately-owned investment firm, Lowenberg Corporation. The portfolio sold for $24.765 million and closed escrow on March 26, 2020.
”There was very strong interest in this portfolio from a diverse group of investors driven by the infill locations, below market rent and low coverage profile of each site,” said Executive Managing Director of Industrial Capital Markets for the Western United States, Michael Kendall.
The multi-state industrial portfolio purchased by global asset management company Brookfield Property Group is comprised of seven properties located in prized infill locations, all in top U.S. metropolitan areas; Anaheim, San Diego, Denver, Phoenix, Las Vegas, Sacramento and Austin. Cumulatively, the properties are situtated on 13.22 total acres of land and occupy approximately 80,069 square-feet. Addresses and square footage for each property can be found below:
- 5775 Eastgate Drive, San Diego, California – 6,400 square-feet
- 8416 Specialty Circle, Sacramento, California – 7,500 square-feet
- 4755 W. University Avenue, Las Vegas, Nevada – 9,900 square-feet
- 3801 E. Wood Street, Phoenix, Arizona – 12,877 square-feet
- 1385 Umatilla Street, Denver, Colorado – 14,830 square-feet
- 4201 Felter Lane, Austin, Texas – 8,000 square-feet
- 1801 Penhall Way, Anaheim, California – 20,562 square-feet
All seven properties are currently operated as equipment yards with small industrial buildings on-site, and fully leased to Penhall Corporation, the largest provider of concrete services in the United States. Several million dollars of mission-critical equipment are currently kept at each of the seven locations.
Colliers’ Michael Kendall, Greig Lagomarsino and Gian Bruno represented the seller in the transaction. The buyer was self-represented.
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.