CalSTRS pays $320m for 2msf Southern California industrial portfolio

Crow Holdings has sold a five-property industrial portfolio that comprises 11 buildings, totaling nearly 2 million square feet of space, to the California State Teachers’ Retirement System (CalSTRS) for $320 million. The transaction is expected to be completed by May 2021.

This institutional-quality portfolio transaction comes just months after Crow Holdings announced the completion of the sale of an eight-property, 4.7 million-square-foot national industrial portfolio to PGIM in one of the largest industrial portfolio sales during the COVID-19 pandemic. Both the previously announced transaction and today’s transaction were made through Crow Holdings’ investment management company and comprise in-demand, state-of-the-art properties built from the ground up. The five properties are all located within Southern California and cover three Inland Empire locations — Moreno Valley, San Bernardino and Rialto. The portfolio is currently 45 percent leased or agreed to terms.