Singapore-based logistics real estate investment company GLP has acquired a 580,000-square-foot distribution facility on Indian Avenue in Perris, CA. The property, fully leased to Kenco Group, was sold by Clarion Partners for $158 million.
The facility was built in 2014, and then acquired by Clarion in 2016 for just over $50 million. The sale is the latest in a series of high-priced industrial purchases in the Inland Empire, which remains one of the hottest markets in the country for industrial assets.
Kenco has a significant presence in the Inland Empire as a third party logistics company, providing distribution and e-commerce, transportation services and supply chain solutions. The company already occupies a 397,000-square-foot building in the nearby Perris Gateway Commerce Center, in addition to the Indian Avenue property.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.