Just when you thought sale prices for industrial properties in SoCal couldn't get any higher comes an eye-opening $535-per-square-foot deal on a cold-storage warehouse that the seller bought for less than half of that amount in January.
Thor Equities and PFA, a Danish pension fund, have acquired for $85M a 158,800 SF industrial property leased to Anheuser-Busch in Santa Fe Springs, a suburb of Los Angeles. The sellers, Staley Point Capital and Bain Capital, acquired the $36M asset in January with a loan from Mesa West Capital.
The deal for the 8.7-acre property tops the $481-per-square-foot price KKR said this week it paid for a 281K SF warehouse in Eastvale in the Inland Empire market.
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