Stockbridge Capital Acquires 6.4 MSF Industrial Portfolio from Westcore Properties
SAN FRANCISCO — Stockbridge Capital Group has purchased a portfolio of 26 institutional-quality logistics and e-commerce properties spanning nine U.S. markets, with a heavy focus on the West Coast. PGIM Real Estate Finance provided $350 million in financing for the acquisition.
The 6.4 million-square-foot portfolio includes a complement of bulk distribution facilities and light industrial properties. The bulk distribution facilities are relatively new and are as large as 1.1 million square feet, while the light industrial properties are smaller and generally geared toward local last-mile distribution tenants.
Approximately 60 percent of the portfolio’s net operating income is generated from assets in California markets: Inland Empire, East Bay, San Diego and Central Valley.
PGIM Real Estate Finance served as the lender with Jaime Zadra and Elizabeth Velazquez pf PGIM Real Estate Finance arranged the acquisition financing through two seve-year fixed-rate loans.
Kristin Renaudin, Nicole Stagnaro and Kristin Paul led the Stockbridge transaction team. Debra Bonebrake of JLL will serve as property manager.