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The Real Deal Los Angeles

Two SoCal industrial sites trade in Duke Realty’s $700M portfolio deal

The seller is Bridge Development Partners
November 02, 2017 05:00PM

Rendering of the industrial building on South Ajax Avenue in City of Industry (Credit: Bridge Development Partners)

Two industrial sites recently traded hands as part of a 10-property portfolio transaction worth $700 million, the Los Angeles Business Journal reported.

Chicago-based Bridge Development Partners sold the sites to Duke Realty Corp. of Indianapolis, a real estate investment trust. The existing properties amass to 3.4 million square feet across Southern California, South Florida and northern New Jersey.

In addition to the 10 existing sites, Duke Realty also bought two other locations totaling 853,000 square feet. Construction is expected to begin later this year.

The local properties included in the portfolio switch were a 429,870-square-foot industrial building on South Ajax Avenue in City of Industry and a 444,000-square-foot facility in Fontana.

Managing directors Anthony Brent and Ryan Martin of HFF brokered the deal.

The recent portfolio purchase reflects Duke’s growing presence in the logistics market. It sold its suburban office building portfolio six years ago as part of its plan to focus on the industrial and medical office side of commercial real estate. [LABJ]Natalie Hoberman