Business & Investment

Crow Holdings Pockets $ 320 Million For Inland Empire Portfolio

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Crow Holdings has agreed to sell five industrial properties in Inland Empire for a total of nearly 2 million square feet for $ 320 million.

California State Teachers’ Retirement System (CalSTRS) is a purchaser of a portfolio of 11 buildings. It accounts for more than 65% of Crow Holdings’ inland Empire’s overall industrial footprint, according to Commercial Edge data.

The transaction is expected to close next month and has been completed through the seller’s investment management firm.

The property is opposite the submarkets of Moreno Valley, San Bernardino and Rialto. Data from Commercial Edge show that Crow Holdings’ entire Inland Empire is made up of over 3 million square feet of industrial assets.

According to Commercial Edge, Crow Holdings launched 574,984 square feet of industrial products in the San Bernardino submarket alone via the Washington Commerce Center, which culminated in February this year. Last year, developers completed work at the 709,081 sq ft Freeway Business Center in Moreno Valley, adding just under 600,000 sq ft to two properties in San Bernardino.

It is unknown which of these properties were acquired by CalSTRS, but Crow Holdings announced that the properties traded represent new industrial products. The portfolio is currently 45% leased or agrees to the terms.

The public pension plan, according to its website, had about 12.6% of the $ 286 billion budget allocated to real estate investment as of February 2021-and increased that allocation to 14%. I am planning.

Inland Empire sets first quarter record

Despite slowdowns in other sectors, the industrial asset class continues to be a strong investment in 2021 Inland Empire Leading Growth.. According to Koreas, the market’s industrial vacancy rate hit a record low of 1.9% in the first quarter, from 2.6% at the end of last year.

Crow Holdings Pockets $ 320 Million For Inland Empire Portfolio Crow Holdings Pockets $ 320 Million For Inland Empire Portfolio

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