GLP Pays $90M for 355K-SF Warehouse in the Inland Empire

The Class A property is fully leased to a logistics tenant

GLP Pays $90M for 355K-SF Warehouse in the Inland Empire

GLP Capital Partners has completed another warehouse sale in the nation's top industrial market.

The Santa Monica-based firm acquired a fully leased 354,810-square-foot facility in Southern California's Inland Empire. The single-tenant, Class A property sold for $90 million, or about $254 per square foot. Property records show it was owned by an entity tied to WPT Capital Advisors.

Colliers announced the deal and represented the seller.

Built in 2019, the warehouse at 251 East Rider Street in Perris, Calif., is on 16.3 acres with parking for 64 trailers and 183 vehicles. Colliers' Michael Kendall, Gian Bruno, Kenny Patricia, Mark Zorn and Cory Whitman brokered the deal.

'As the Inland Empire and its surrounding submarkets continue to be perceived as a haven in this turbulent capital markets environment and property-level fundamentals remain historically strong, investors seek to acquire properties with an attractive basis and a good market-to-market profile,' Kendall said in a statement.

Perris is one of the growing hot spots in the red-hot Inland Empire. Earlier in December, Commercial Observer reported a new distribution center in Perris traded for $18 million more than it did in the fall of this year. In the summer, Burlington Stores signed a lease to occupy a 410,350-square-foot building that's in Perris as well.

Gregory Cornfield can be reached at EMAIL.