Newmark has completed the $520 million sale of an eight-asset industrial portfolio in California and Utah that is triple net-leased to Amazon. Newmark represented both the Utah and California sellers in the transaction, and the firm also arranged the acquisition financing on behalf of the buyer.

The portfolio consists of eight buildings, totaling 1.16 million square feet. Six of the eight deals have closed, and those properties are located in Bakersfield, CA, Riverside, CA, Victorville, CA, Cathedral City, CA, American Fork, UT and Salt Lake City, UT. The final two transactions are scheduled to close in the next quarter. The properties benefit from the fundamentals of Amazon’s last mile distribution facilities, including proximity to transit and population centers.

Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon said in a news release, “This portfolio provides immediate scale in the warehouse distribution market, which is seeing record-breaking fundamentals. This portfolio was sold off market, which in the industrial sector is a rare opportunity for the buyer.”