Oxford Properties has sold a light industrial portfolio comprising four assets totaling 238,473 square feet in Riverside, Calif. Sierra Ridge Capital acquired the assets with Pacific Properties Group of Los Angeles providing the equity. Working on behalf of the new owner, JLL also arranged a $25 million acquisition loan with a correspondent life insurance company.
The portfolio includes two distinct property types strategically positioned within the Inland Empire market. The collection features 12000 Magnolia Ave., a 132,800-square-foot, 100 percent leased multitenant facility built in 2018 with 30-foot clear heights; and Hunter Business Park at 1110-1130 Palmyrita Ave., comprising 105,673 square feet across 14 suites constructed in 1990 with 18-foot clear heights.
