S. Korean bank buys 8 Amazon-leased facilities – including Victorville location, for $520M

Published on


S korean bank buys 8 amazon leased facilities

VICTORVILLE – Mirae Asset Global Investments, a South Korean financial services group, announced June 7, the purchase of a 1.16 million-square-foot industrial portfolio including the Victorville Amazon Last Mile Delivery facility, for $520 million. According to Newmark Research, industrial remains the top-performing property type in U.S. commercial real estate in terms of total returns and rental growth with volume up 50% year-over-year to nearly $34 billion during the first quarter of 2022.

The acquired portfolio totals eight buildings that are fully triple-net-leased to Amazon, located in cities across California and Utah. Assets that recently closed in California’s Inland Empire include a 126,000-square-foot facility in Victorville and a 112,000-square-foot facility in Riverside.

“This portfolio provides immediate scale in the warehouse distribution market, which is seeing record-breaking fundamentals,” said Newmark Co-Head of U.S. Capital Markets Kevin Shannon. “This portfolio was sold off-market, which in the industrial sector is a rare opportunity for the buyer.”

The Victorville “Last Mile Delivery station” opened in 2021 where a Walmart was previously housed. The company’s delivery stations are designed to “power the last mile of Amazon’s order fulfillment process.” According to Amazon, packages are transported to delivery stations from the company’s fulfillment and sortation centers, then loaded into vehicles for delivery to customers.

Major market pricing for well-located distribution and warehouse space has reached $333 per square foot, a record price as bidding has put upward pressure on pricing. 

For more information about the 1st quarter capital markets visit https://www.nmrk.com/insights/market-report/united-states-capital-markets-report?utm_medium=email&utm_source=nkf-cb&utm_campaign=1Q22%20U.S.%20Capital%20Markets%20Report&utm_term=05%2F10%2F2022


Latest articles

Victorville awards first recipients of new fire academy scholarship amid wildland firefighter shortage

VICTORVILLE – The city of Victorville in partnership with Victor Valley College (VVC) Foundation,...

Coach Prime Deion Sanders recruiting players for new team on Twitter: ‘I ain’t hard to find’

NATIONWIDE – New coach for the University of Colorado (CU) Buffaloes “Coach Prime” Deion Sanders, took to Twitter, Wednesday, in hopes of finding new players for the team.

San Bernardino County offering $50 Drone Pilot Certification and Training

SAN BERNARDINO COUNTY – San Bernardino County Regional Occupational Program (ROP) is offering an 8-day Drone Pilot Certification and Training course for $50, this coming February 2023.

Victorville and Hesperia make top 100 Boomtowns in America for 2022

VICTORVILLE – SmartAsset, a New York-based financial technology company, listed Victorville and Hesperia in their top 100 list of Boomtowns in America for 2022.

More like this

CalHFA expects to provide granny flat grant to 2,500 homeowners and funding is depleted

STATEWIDE – California Housing Finance Agency (CalHFA) announced, Monday, that the Accessory Dwelling Unit (ADU) Grant Program will be fully committed by December 9, 2022.

Survey finds 88% of adults in Inland Empire are concerned about lack of ‘well-paying jobs’

INLAND EMPIRE – Public Policy Institute of California (PPIC) an independent, nonpartisan research group, released regional results, Dec. 1, from its latest survey Californians and Their Economic Well-Being.

Victorville hosting workshops for $1.9 million available in grants

VICTORVILLE – Victorville will be holding its first technical assistance workshop, Tuesday, Nov. 29, to help nonprofit organizations prepare grants applications.