Singapore-based logistics real estate investment company GLP has acquired a 580,000-square-foot distribution facility on Indian Avenue in Perris, CA. The property, fully leased to Kenco Group, was sold by Clarion Partners for $158 million.
The facility was built in 2014, and then acquired by Clarion in 2016 for just over $50 million. The sale is the latest in a series of high-priced industrial purchases in the Inland Empire, which remains one of the hottest markets in the country for industrial assets.
Kenco has a significant presence in the Inland Empire as a third party logistics company, providing distribution and e-commerce, transportation services and supply chain solutions. The company already occupies a 397,000-square-foot building in the nearby Perris Gateway Commerce Center, in addition to the Indian Avenue property.
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