Korean Investor Pays $520M for Industrial Portfolio

35780 Date Palm Drive, Cathedral City, Calif.

South Korea-based Mirae Asset Global Investments has paid $520 million for eight industrial assets totaling some 1.2 million square feet in cities across California and Utah.

Greenlaw Partners sold the California properties, while Gardner Batt divested the Utah assets, according to CommercialEdge data. Newmark arranged $287.3 million in acquisition financing from Societe Generale, according to public records, and brokered the off-market transaction on behalf of the two sellers.

Fully triple-net leased to Amazon, the portfolio boasts the necessary fundamentals for last-mile distribution facilities, such as proximity to ground and air transit and population centers.

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Six of the eight warehouses have closed and the remaining two are slated to close within the next quarter. The shuttered properties include a 94,495-square-foot facility in Bakersfield, Calif.; a 111,725-square-foot property in Riverside, Calif.; a 126,395-square-foot asset in Victorville, Calif.; a 122,156-square-foot facility in Cathedral City, Calif.; a 146,914-square-foot property in American Fork, Utah; and a 201,096-square-foot asset in North Salt Lake City, Utah.

Newmark Vice Chairman David Milestone and Senior Managing Director Brett Green arranged the acquisition financing. The firm’s Co-Head of U.S. Capital Markets Kevin Shannon and Vice Chairman Alex Foshay, together with Executive Managing Directors Ken White, Andrew Briner, Bret Hardy, Jim Linn and Greg Galusha, represented the seller in the California transactions. White also assisted the seller in the disposition of the Utah assets.

In April, Mirae purchased a Texas distribution center for $190 million. The 1.5 million-square-foot property, located at 1800 N. Mason Road in Katy, is entirely leased to Academy Sports + Outdoors.