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$90 Million Sale of Inland Empire Asset Further Signals Industrial’s Resilience in the New Year

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Colliers Western Region Industrial Capital Markets Group Brokers the Sale of 354,810 SF Class-A Facility



Los Angeles, Calif. December 20, 2022 – Colliers today announced the sale of a 354,810 square-foot single-tenant, NNN, Class-A Industrial facility in Southern California’s Inland Empire. Positioned in one of the country’s most sought-after markets, in a particularly high-growth location at 251 E. Rider St., Perris, CA 92571, the property has sold for $90,000,000.

Colliers’ Western Region Industrial Capital Markets Group, comprised of Michael Kendall, Gian Bruno, and Kenny Patricia, partnered with fellow Colliers Industrial experts Mark Zorn and Cory Whitman in providing market expertise and brokering the sale. Kendall exclusively listed the property and represented the undisclosed seller in the transaction, wherein GLP Capital Partners acquired the property.

“As the Inland Empire and its surrounding submarkets continue to be perceived as a haven in this turbulent capital markets environment and property-level fundamentals remain historically strong, investors seek to acquire properties with an attractive basis and a good market-to-market profile,” says Kendall. “This was a strategic investment with seamless execution, and we are thrilled with the successful result for both parties.”

Built in 2019, the 354,810 square-foot property is situated on approximately 16.3 acres, with features including 47 dock-high doors with a fully secured truck court, 36-foot clearance height, and parking to accommodate 64 trailers and 183 autos. The property is currently 100 percent occupied by a leading Los Angeles-based third-party logistics company. 

 

Media Contact: 
Leanne Daly 
PR & Communications Specialist | Southwest 
Leanne.Daly@colliers.com 
760-930-7941 

 
About Colliers 
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn

  

 


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Michael Kendall

Vice Chair

Los Angeles - Orange County

After nearly three decades in the industry, Michael Kendall has experience in every aspect of commercial real estate, including brokerage, development, acquisitions, entitlements, asset management and construction. As Western Region Executive Managing Director of Investment Services for Colliers International, Michael and his team specialize in representing institutional owners as well as high-net-worth individuals, local entrepreneurs and private equity funds in the sale of industrial investments, including land.

Having sat on the ownership side of transactions for so many years, Michael has a unique perspective relative to the needs and expectations of investors in today’s dynamic market. He is skilled at negotiating complex transactions and is well respected for his integrity and tenacity.

Since 2015, Michael and his west coast team have closed more than $7.1 billion in individual property sales, totaling more than 62 million square feet. When portfolio sales are included, the totals increase to $12.7 billion and 125 million square feet.

Prior to joining Colliers, Michael was a Senior Vice President at CBRE Group and a member of the firm’s National Partners Industrial Platform. Previously, Michael was Vice President of Development and Director of Acquisitions at Turner Development/Turner Real Estate Investments. Before that, Michael was an Orange County Regional Partner for Koll Development Co.

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Gian Bruno

Senior Vice President

Los Angeles - Orange County

As Director of Western Region Investment Services for Colliers International, Gian specializes in the representation of institutional clients in the acquisition and disposition of industrial properties throughout the Western United States. Gian leads the team’s underwriting and financial analysis from the initial Opinion of Value through the Close of Escrow. Gian is also responsible for investor interfacing and marketing strategy execution of all properties marketed by Colliers’ Institutional Investment Services Group.

In addition to working as a financial analyst in capital markets brokerage, Gian has worked on the ownership side of transactions for several years. This well-rounded experience gives him insight into the requirements and thought process of investors in today’s market.

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Kenny Patricia

Vice President

Los Angeles - Orange County

Kenny joined the Industrial Capital Markets Group at Colliers in 2021.  Kenny and his team specialize in representing institutional owners and private investors as well as high-net-worth individuals, local entrepreneurs, and private equity funds in the sale of industrial properties and land.

With a emphasis on new business development, financial analysis, and strategic marketing initiatives, Kenny strives to deliver the highest quality of service to his clients through tireless work ethic and keen attention to detail. 

Prior to joining Colliers, Kenny worked at CBRE where he focused on the leasing and sale of  industrial properties in his native Southern California. 

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Mark Zorn

Vice Chair

Los Angeles - Inland Empire

Mark has represented many Large and Mid CAP companies and property owners throughout his career and has earned a solid reputation for his superior market knowledge and strategic deal structuring while maintaining a high regard for his integrity and business practices.  He is instrumental in relocation efforts and is a skilled negotiator who has the ability to resolve complex real estate issues while always being dedicated to his clients’ best interests.

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Cory Whitman

Executive Vice President

Los Angeles - Inland Empire

As an Executive Vice President for Colliers International based in Ontario, CA (Greater Los Angeles), I have a long history of being a partner within one of the leading brokerage teams in the Inland Empire. Specializing in mid- to large-cap industrial investment sales, along with occupier and landlord leasing assignments, I spend most of my time representing institutional and private building owners, as well as local, regional, and national firms that occupy distribution warehouse space in the region and across the country.

Our team has a deep and multifaceted background working with occupiers and institutional owners of real estate, which has made us adept advisors of both landlords and occupiers of industrial real estate. Ranking consistently among the top in the Inland Empire for industrial building sales, developments and listings, our reputation as knowledgeable and trusted advisors often precede us. In every transaction, we take great care to act in the best interest of our clients, acting as the in-house real estate department, or extension thereof, for our institutional and private clients.

Beginning my career in 2005, I have spent time at industrial brokerage firm Kidder Matthews, as well as at development, management, and investment firm The Abbey Co. While at The Abbey Co., I was exposed to high-level debt and equity markets, joint-venture projects, and asset management, along with being involved in developing and executing lease, acquisition, and sale strategies. I was fortunate to have also gained experience on the principal side as the director of leasing for a regional firm that owned and operated more than six million square feet of single- and multi-tenant industrial, office and retail properties throughout California.

In addition to brokerage and representation services, I have expertise in building valuations, corporate advisory services, expansion, and consolidation planning, buy vs. lease strategies, sublease advisory services, and strategic real estate planning.

As an avid outdoorsman, I have a passion for camping, fly fishing, and golf. I also enjoy spending time with my family, including my wife, Ashley, and three sons, Hudson, Jack and Luke.

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Leanne Daly

PR & Communications Specialist

Carlsbad

As Public Relations & Communications Specialist for Colliers’ U.S. Southwest Region, Leanne leads the development, implementation, and management of all internal and external communications strategies across all Southern California markets and assists with various projects across the Southwest Region. 

Partnering with regional executives, local market leadership, brokerage professionals, and clients, Leanne shapes and executes all written materials, develops and delivers strategic distribution plans, facilitates media relations, and provides proprietary market intelligence to position Colliers as a leader in the commercial real estate industry. Additionally, she serves as an advisor for media relations and crisis management, providing our professionals with the tools and support to elevate brand visibility through thought leadership and market expertise.

Leanne joined Colliers in September 2021, immediately placing significant focus on PR operations across the rapidly growing Greater Los Angeles region. Her extensive agency background includes leading local and national PR and marketing strategies for various notable brands in commercial real estate, government affairs, restaurant and hospitality, entertainment, lifestyle, health/wellness, non-profit, and more. Previous roles also include leading PR and business development operations for the Building Owners & Managers Association (BOMA) San Diego, as well as the planning, production, and media management of large-scale events across San Diego. 
 

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