Pacific Industrial has completed the largest non-portfolio industrial property disposition in California in the past 24 months with the sale of Sierra Pacific Center, a two-building, 1,495,208-square-foot, class A industrial facility in Fontana, Calif.
“We had the opportunity to sell this 1.5 million-square-foot property at a record cap rate of 3.68 percent, and we are simultaneously developing 1.5 million square feet of new best-in-class industrial properties in other Southern California markets,” said Dan Floriani, partner and co-founder of Pacific Industrial. “This activity speaks to a continued institutional appetite for industrial developments where tremendous value creation with the right developer is not only possible, it’s been proven.”
The firm sold the asset to an institutional life insurance company for a total consideration of $213.5 million.
“This is a stable, cash-flowing asset in an exceptional location with investment-grade tenancy an
