Stockbridge Capital Group has paid $570m (鈧�510.1m) for a portfolio of 26 US industrial properties, according to sources familiar with the matter.
The 6.4m sqft portfolio was acquired from Westcore Properties.
Around 60% of the portfolio鈥檚 net operating income is generated from assets in the California markets of the Inland Empire, the East Bay, San Diego and Central Valley.
The portfolio includes 11 assets in California, 12 in Nevada and one each in Arizona, Indiana and Nevada.
Nicole Stagnaro, head of opportunistic and platform transactions for Stockbridge, said: 鈥淲e鈥檙e excited about this portfolio because the properties are located in markets with above-average population growth, a propensity toward e-commerce buying and selling, lower overall vacancy rates and higher overall rent growth.鈥�
Kristin Paul, portfolio manager at Stockbridge, said: 鈥淏ecause of the infill locations as well as the trend of mounting construction costs, the portfolio markets have experienced virtually no new light industrial construction in recent years.
鈥淭o us, the combination of these structural and local demand drivers, as well as significant supply constraints, makes these properties and markets especially appealing.鈥�
