Link Logistics Sells SoCal Portfolio for $263M

Aerial view of some of the acquired properties. Image courtesy of George Urban Advisors

The joint venture of George Urban Advisors, Five Horizons Partners and DRA Advisors has acquired a seven-property, 851,131-square-foot industrial portfolio in Orange County and Los Angeles County. The previous owner was Link Logistics, according to CommercialEdge data.

Public records show that the assets changed hands for $263 million and the joint venture financed the purchase with a $165.3 million note from New York Life Insurance Co.

A CBRE National Partners team assisted the seller, while the buyer was self-represented. George Urban Advisors will head up property management for the portfolio.

“Multitenant industrial properties in Southern California have proven to be a very resilient property type, while still showing positive signs of demand and rent growth even in a turbulent financial market,” G. Ryan Smith, president of George Urban Advisors, told Commercial Property Executive. “We believe George Urban’s hand-on approach to management and operations will continue to provide positive results and future upside for this portfolio.”

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The portfolio was attractive to the buyers due to its occupancy rates, upside potential and presence in infill locations. In prepared remarks, Smith said that the new ownership will be conducting small capital improvements at the properties as well as improving operations to fill what little space is vacant.

DRA Advisors recently completed the acquisition of another infill industrial portfolio in Chicago, New Jersey, N.J., Long Island, N.Y., and Philadelphia. CBRE National Partners also represented the previous owner in the $369 million deal.

The traded Southern California portfolio

The Los Angeles County properties are:

• 3283-3299 Walnut Ave., Signal Hill. The 74,353-square-foot industrial park comprises eight buildings on some 4.2 acres, CommercialEdge data shows. The warehouses came online in 1990.
• 2300 Walnut Ave., Signal Hill. The facility, which features 29,920 square feet, was built in 1978.
• 2698 Junipero Ave., Signal Hill. It is a 31,819-square-foot building in the Signal Hill Commerce Center.
• 2700 Rose Ave., Signal Hill. The 27,600-square-foot facility came online in 1980.
• 14747 Artesia Blvd., La Miranda. Totaling 73,393 square feet, this property features five buildings completed in 1978.

The Orange County assets include:

• The Row, Laguna Hills. Totaling 513,125 square feet across 25 buildings, the industrial campus is located on some 31 acres at 23251-23501 Avenida de la Carlota, 23452-23641 Ridge Route Drive and 23501-23562 Commerce Center Drive. It was completed in 1979. Tenant space types range from interior retail, warehousing and distribution to showroom industrial and restaurant.
• Plaza Del Lago, Laguna Hills. Completed in 1978, this property features 100,812 square feet of retail and industrial space across three buildings. The asset occupies 6.8 acres at 23001 and 23015 Del Lago Drive and 23052 Lake Forest Drive.