Developer Kearny Real Estate Co. has sold a recently completed, five-building industrial logistics center in Riverside County, California, to GLP Capital Partners for nearly $325 million.
The sale, which closed in the last week of April, represents what the deal’s broker called one of the largest ground-lease ownership transfers in Southern California history, and the largest ever in the Inland Empire.
Kearny broke ground on Corona Lakeside Logistics Center, a 730,000-square-foot industrial portfolio in the Inland Empire, in early 2021 and recently wrapped the speculative development project.
Located at Sherborn Street and Magnolia Avenue in the industrial hub of Corona, the Class A industrial logistics campus includes five divisible buildings spanning 71,000 to 205,000 square feet in size. The campus is one of the largest-scale speculative developments in the Inland Empire.
Colliers industrial experts Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia facilitated the deal on behalf of both parties.
Corona Lakeside Logistics Center is GLP Capital’s second Riverside County investment in the last six months, previously acquiring a Perris property for $90 million also brokered by Kendall and his team.
The property sits on a fixed-rate ground lease, which the Colliers team structured with Kearny in 2019.
