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

Published on

S korean bank buys 8 amazon leased facilities
Photo credit: Davina Fisher

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

spot_img

Latest articles

California ex-Amtrak worker gets over 2 years for nearly $1 Million COVID jobless fraud

CALIFORNIA – The U.S. Department of Justice (DOJ) announced that a California ex-Amtrak worker...

Victorville reports a surge in hotel applications and other economic updates

VICTORVILLE – The City of Victorville announced, July 17, a surge in hotel development...

Ex-bishop pleads guilty to fraud involving millions in California church properties

CALIFORNIA – The U.S. Department of Justice (DOJ) announced that a former AME Zion...

Auto Club reports gas prices have dropped for the fourth straight week in SoCal

CALIFORNIA – Southern California gas prices are now within a dime of 2025’s lowest,...

More like this

CA representative Nancy Pelosi discloses over $1 Million in Broadcom stock purchase amid AI surge

CALIFORNIA – California representative Nancy Pelosi has disclosed a purchase of Broadcom Inc. (AVGO)...

New Car Dealer Association offering paid 2-year auto tech apprenticeship to fill 5,000 CA jobs

CALIFORNIA – The California New Car Dealers Association (CNCDA) Foundation, announced July 10 that...

CA bill to extend 3-day rent notice to 14 days stalls in Assembly

202520260SB436_Assembly Judiciary CALIFORNIA – SB 436, a bill that would extend the time tenants...