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Oaktree Capital Management Acquires 457,125-Square-Foot Industrial Property In San Bernardino For $121.1M
SOLD
$121,100,000
California
See Similar DealsIndustrial457,125 SF
Sold 05/22/2023
SOLD
Oaktree Capital Management Acquires 457,125-Square-Foot Industrial Property In San Bernardino For $121.1M
503 E Central Ave San Bernardino, CA 92408, USA
See Similar DealsIndustrial457,125 SF
Sold 05/22/2023
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$264
Total Square Footage:457,125 SF
Transaction Type:Sale
Oaktree Capital Management, represented by Howard Marks & Jay Wintrob, has acquired a 457,125-square-foot industrial development located at 503 East Central Avenue in San Bernardino's Inland Empire. The property was purchased from Real Estate Development Associates for a total of $121.1 million. This sale reflects the increasing interest of institutional investors in the industrial real estate opportunities in the region.
Summary of transaction details:
- Property Type: Industrial
- Sale Price: $121,100,000
- Square Footage: 457,125
- Address: 503 East Central Avenue
- Market: San Bernardino
The acquisition of this industrial development by Oaktree Capital Management signifies the growing attractiveness of San Bernardino's Inland Empire for institutional investors. With Howard Marks & Jay Wintrob as their representatives, Oaktree Capital Management saw the potential in this property, prompting the purchase from Real Estate Development Associates. This transaction was made possible with the involvement of Truist Bank as the lender.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,458,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$430,242.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$574,075.78
Annual Debt Service$6,888,909.39
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