CORONA, CALIF. — Kearny Real Estate Co., a Los Angeles-based developer and investor, has sold Corona Lakeside Logistics Center, a five-building industrial park located in the Riverside County submarket of Inland Empire. The buyer, GLP Capital Partners, acquired the 730,000-square-foot development for $325 million.
Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia of Colliers represented both parties in the transaction. The sales price represents the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest ever for Southern California, according to Colliers.
“The buyer recognized the intrinsic value of this development and is thrilled to be adding it to its growing portfolio of Class A properties,” says Kendall. “Kearny built a best-in-class industrial development at the Inland Empire bullseye that is the I-15/CA-91 interchange.”
“This is a culmination of seven years in the making,” adds Schwartz. “It was an honor to work with the Kearny team through the development phase and witness its project come to fruition.”
Kearny recently delivered the park nearly two years after breaking ground. The developer signed a 99-year ground lease at the 37-acre site in 2019 with a private family owner, a deal that was structured by Colliers.
Located at Sherborn Street and Magnolia Avenue, the Corona Lakeside site was a former quarry. All five buildings in the park are divisible and feature secured yards; early suppression, fast response (ESFR) sprinklers; and a minimum of two ground-level doors, according to the property website. The buildings feature 32- or 36-foot clear heights and total 109 dock-high doors.
Kearny Real Estate Co. specializes in the acquisition, development, asset management and property management of office, industrial and land in Southern California. The company has offices in Los Angeles, San Diego and Santa Fe Springs, Calif.
— John Nelson