Blue Owl Capital is flying high after closing what’s being called the largest single-property industrial acquisition in the top warehousing market in the U.S. in more than two years. The New York City-based firm put down $219.1 million for a Big Lots distribution center named Watson Logistics Center in Southern California’s Inland Empire as part Commercial Observer Read More Channel, Industrial, Leases, Sales, 18880 Navajo Road, Apple Valley Airport, Watson Logistics Center, Inland Empire, Big Lots, Blue Owl Capital, CBRE, CommercialEdge, JPMorgan, Newmark
Blue Owl Capital is flying high after closing what’s being called the largest single-property industrial acquisition in the top warehousing market in the U.S. in more than two years.
The New York City-based firm put down $219.1 million for a Big Lots distribution center named Watson Logistics Center in Southern California’s Inland Empire as part of a larger portfolio sale-leaseback by the discount retail chain, according to data provided by Newmark (NMRK). The larger $309.5 million deal included 25 Big Lots locations across the country.
Big Lots used $101 million of the proceeds to lease back the distribution center for 20 years. The 1.34 million-square-foot facility is at 18880 Navajo Road in Apple Valley, Calif., across the street from a large Wal-Mart distribution facility, and less than two miles north of the Apple Valley Airport.
Property records show JPMorgan provided $109 million tied to the property in September. Additionally, records show the site last sold for $153.4 million in March.
The deal bolsters Inland Empire’s standing with the largest industrial sales volume in the nation, despite a slowdown in activity this year. The region’s $3.37 billion in sales volume accounted for nearly 10 percent of the nation’s total volume through the first nine months of the year, according to CommercialEdge’s most recent market report.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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