Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Pacific Industrial has sold the Sierra Pacific Center, a 1.46 million square foot class-A industrial property in the Inland Empire, for $213.4 million to an unnamed institutional life insurance company. At a 3.68% cap rate, the sale is the largest industrial transaction in California in the last 24 months.

The property is fully leased to FedEx and LG, and is a one-of-a-kind development. Pacific Industrial development the property for a long-term hold, but decided to change strategies. “We decided to change track on this project because we thought that we could sell it below a 4% cap rate,” Dan Floriani, partner and co-founder at Pacific Industrial, tells GlobeSt.com. “My recommendation to my partners was that if we felt good we could achieve that, then we should monetize the asset. That is ultimately what got us on board to sell.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.