One million-square-foot industrial outdoor storage portfolio trades in the Inland Empire, California
JLL Capital Markets worked on behalf of Stockbridge & Dedeaux Properties in this transaction
LOS ANGELES, Feb. 2, 2024 – JLL Capital Markets announced today that it arranged the sale of a three-property, one-million square foot industrial outdoor storage (“IOS”) portfolio in California.
JLL represented the seller, Stockbridge & Dedeaux Properties, and procured the buyer.
The properties totalling 1,008,414 square feet are situated across 23.15 acres at 446 S. Yucca Ave, 1066 N Tippecanoe Ave, and 1938 W. 5th St. Located in the major Southern California cities of San Bernardino and Rialto, the portfolio boasts best-in-class trucking and transportation facilities in one of the top performing industrial markets in the world. The portfolio is one of the first of its kind to trade on the West Coast representing fully stabilized, Class A, institutional quality IOS/ISF focused properties. The buyer benefits from the opportunity to acquire immediate scale in the emerging IOS/ISF sub-asset class which is a rapidly growing and in-demand component of the global supply chain. The three assets in the portfolio are strategically located minutes from major freeways, intermodal rail yards and multiple international airports, providing superior connectivity to the Western U.S. and global economy.
The JLL Capital Markets team was led by Senior Managing Director Mark Detmer, Senior Director Evan Moran and Director Chad Solomon. Executive Managing Directors Patrick Wood and Louis Tomaselli served as the local market contacts. Additionally, JLL assisted with the procurement of the financing led by Managing Director Brian Halpern and Vice President Jason Rosin.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Stockbridge
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.1 billion of assets under management (as of September 30, 2023) spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago.
About Dedeaux Properties
Dedeaux Properties is an active third-generation industrial development firm based in Los Angeles. With a portfolio of over 13M square feet, the firm’s primary focus is logistics-oriented real estate & investment: transportation, distribution, and refrigerated properties. Dedeaux Properties is among the most active developers in the Greater Los Angeles region, consistently executing on a pipeline of over 2,000,000 square feet in various stages of development & entitlement.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.