SAN FRANCISCO — Stockbridge Real Estate, a California-based investment firm with additional offices in Chicago and Atlanta, has acquired a portfolio of 17 industrial properties totaling 8.7 million square feet in seven states.
Stockbridge purchased the portfolio from Hillwood, an industrial development and investment firm based in Fort Worth, Texas, according to IPE Real Assets, which tracks institutional property investments across the world. The analytics firm also reported that the transaction fetched a sales price of approximately $800 million.
All of the properties are fully stabilized and have an average construction delivery date in 2018. The assets are located across the following markets: Dallas-Fort Worth, Austin, Columbus, Cincinnati, Nashville, Chicago, Las Vegas, Jacksonville and Eastern Pennsylvania.
“This portfolio stands out for its high-quality, modern construction and well-connected, population-rich locations where major e-commerce industry tenants have chosen to expand their footprints,” says Nicole Stagnaro, managing director at Stockbridge. “In combination, these factors support the kind of cash flow visibility we expect from a long-term core portfolio.”
The transaction comes on the heels of Stockbridge’s acquisition of a portfolio of 26 logistics and e-commerce facilities from San Diego-based Westcore Properties. PGIM Real Estate Finance served as the primary lender in both portfolio sales. JLL manages both portfolios.
— Taylor Williams