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GLP Capital Partners Acquires Industrial Warehouse In Ontario For $57.3M

Property Image
SOLD
$57,300,000

California

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Industrial116,800 SF
Sold 06/26/2023
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Property Image
SOLD

GLP Capital Partners Acquires Industrial Warehouse In Ontario For $57.3M

1925 S Grove Ave Ontario, CA 91761, USA

See Similar Deals
Industrial116,800 SF
Sold 06/26/2023
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$490
Total Square Footage:116,800 SF
Transaction Type:Sale

GLP Capital Partners acquired a 116,800 sq ft warehouse in Ontario, California, for $57.3 million. The property is located at 1925 South Grove Avenue in the Ontario market. The sale price of $57.3 million translates to a price per square foot of $491. This transaction surpasses the average sale price in the Inland Empire.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $57,300,000
  • Square Footage: 116,800 sq ft
  • Address: 1925 South Grove Avenue, Ontario, California
  • Market: Ontario

GLP Capital Partners, led by Alan Yang, acted as the buyer in this transaction. The seller was Penwood Real Estate Investment Management. The Ontario region has attracted industrial developers, with notable acquisitions by Blackstone and Real Estate Development Associates.

Players

AY
GLP Capital Partners
Alan Yang
9 deals$801.2M volume
BUYER
Penwood Real Estate Investment Management
Penwood Real Estate Investment Management
SELLER

Details

SOLD
IMAGE: Alan Yang DATE: 06/26/2023 ADDRESS: 1925 South Grove Avenue MARKET: Ontario ASSET TYPE: Industrial BUYER: GLP Capital Partners - Alan Yang SELLER: Penwood Real Estate Investment Management SALE PRICE: $57,300,000 SF: 116,800 ~ PPSF: $491 NOTE: GLP Capital Partners acquired a 116,800 sq ft warehouse in Ontario, California, for $57.3 million, surpassing the average sale price in the Inland Empire. The Ontario region has been attractive to industrial developers, with notable acquisitions by Blackstone and Real Estate Development Associates.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,055,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$203,574.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$271,631.23
Annual Debt Service$3,259,574.80