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Prologis Acquires Industrial Property In Bloomington For $96.6M With Blackstone As Seller

Property Image
SOLD
$96,600,000
Stephen A. Schwarzman
Hamid Moghadam
Nadeem Meghji

California

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Industrial311,363 SF
Sold 08/08/2023
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Property Image
SOLD

Prologis Acquires Industrial Property In Bloomington For $96.6M With Blackstone As Seller

3255 Cactus Ave Bloomington, CA 92316, USA

See Similar Deals
Industrial311,363 SF
Sold 08/08/2023
Stephen A. Schwarzman
Hamid Moghadam
Nadeem Meghji
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$310
Total Square Footage:311,363 SF
Transaction Type:Sale

The property involved in this transaction is a 311,363-square-foot FedEx distribution facility located at 3255 & 11600 Cactus Avenue in Bloomington, Southern California. The industrial property sits on approximately 36 acres and was sold for a price of $96,600,000, resulting in a price per square foot of $310. This sale highlights the strong demand for quality warehouses in the region.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $96,600,000
  • Market: Bloomington
  • Property Address: 3255 & 11600 Cactus Avenue
  • Property Size: 311,363 square feet
  • Price per Square Foot: $310

Prologis, represented by Hamid R. Moghadam and Dan Letter, acted as the buyer in this transaction. On the other hand, Blackstone, represented by Stephen A. Schwarzman and Nadeem Meghji, served as the seller. The sale of this FedEx distribution facility was part of a larger $3.1 billion deal between Prologis and Blackstone, underscoring the significant demand for warehouse spaces in the Southern California area.

Players

Hamid Moghadam
Prologis
Hamid Moghadam
51 deals$2.6B volume
BUYER
Prologis
Prologis
BUYER
Nadeem Meghji
Blackstone
Nadeem Meghji
7 deals$8.5B volume
SELLER

Details

SOLD
IMAGE: Dan Letter, Stephen A. Schwarzman, Nadeem Meghji & Hamid R. Moghadam DATE: 08/08/2023 ADDRESS: 3255 & 11600 Cactus Avenue MARKET: Bloomington ASSET TYPE: Industrial ~ ACRES: 36 BUYER: Prologis (@Prologis) - Hamid R. Moghadam & Dan Letter SELLER: Blackstone (@Blackstone) - Stephen A. Schwarzman & Nadeem Meghji SALE PRICE: $96,600,000 SF: 311,363 ~ PPSF: $310 NOTE: As part of a $3.1 billion deal with Prologis, Blackstone has sold a FedEx distribution facility in Southern California for $96.6 million. The 311,363-square-foot property's sale highlights the robust demand for quality warehouses in the region.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$5,152,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$343,199.39
Cash-on-Cash Return-1.27%
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