JV Acquires Inland Empire Cold Storage Portfolio
Latitude 36 Foods sold the two-building portfolio, located in Corona, Calif., in a sale-leaseback transaction.
300 El Sobrante Road. Image courtesy of CBRE
A joint venture between Condor Cold Storage and AEW Capital Management has acquired a 98,949-square-foot cold storage portfolio in Corona, Calif.
A sale price was not disclosed. The buyers secured $8.6 million in acquisition financing for the purchase.
According to Yardi Matrix, Latitude 36 Foods sold the two-building portfolio in a sale-leaseback transaction. The two properties feature 24-foot clear heights and a combination of office, food packaging, cooler distribution, and dry storage units.
Located at 300 El Sobrante Road, the first property is just off Interstate 15. The 72,000-square-foot facility came online in 2000. The second asset is situated at 1701 N. Delilah St., within 2 miles of the first one. The facilities are within 16 miles of Ontario International Airport.
CBRE’s Shaun Moothart, Bruce Francis, Robert Ybarra, Dana Summers, Doug Birrell and Jim Korinek represented the buyers in securing the acquisition loan.
In April, the same team arranged a $33.8 million refinancing package for Park One, a 217,433-square-foot office campus in Phoenix. The brokerage worked with Alliance Bank of Arizona, on behalf of Velocis.
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