Brookfield Properties continues to rapidly expand its logistics footprint in the United States by adding yet another state-of-the-art facility.
The company has acquired a fully rented property at 1901 W. Center St. in Corton, California. This is an asset of approximately 232,600 square feet in central California. Inland Empire in high demand, In off-the-counter transactions.
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Brookfield purchased the asset from Avalon Apparel Group LLC for $ 38 million. Paul Jones, vice president of investment for the Brookfield Real Estate Group, said: Commercial Real Estate Executive.. “Strict supply constraints, strong tenant demand, rapid rent increases and capital surplus continue to push prices up.”
Brookfield is the third owner of the new 1901 W. Center and occupies 12.5 acres in an area prepared to serve customers in the Inland Empire, Los Angeles County, and the adjacent Orange County Last Mile. I am.
Perot’s Hillwood Investment Property developed the property as the Perissile Logistics Center in 2020 and sold the building to Avalon Apparel Group LLC shortly after completion. Depends on $ 23.7 million loan Buy the facility from Thorofare Capital for $ 29.7 million. At that time, Avalon also signed a lease to occupy the entire building under the first 10-year triple net lease, with the option of two 5-year lease extensions.
Growth in the golden state
Brookfield is looking to California, especially Southern California, as a target global gateway for the growth of its logistics business. Attractiveness: Unmatched tenant demand, largely stimulated by high population density and port infrastructure. Over the last 12 months, the company has invested $ 2 billion in industrial and logistics assets in the region. “Nevertheless, our plan is to continue expanding Southern California’s industrial portfolio through strategic acquisitions and developments,” Jones said. “We have multiple buckets of available capital, giving us the flexibility to run on different types of trading profiles, including core, value and development.”
Brookfield Property Adds Inland Empire Assets To Portfolio
https://www.cpexecutive.com/post/brookfield-properties-adds-inland-empire-asset-to-portfolio/ Brookfield Property Adds Inland Empire Assets To Portfolio