Northwestern Mutual has acquired a sprawling warehouse in the Inland Empire for $213.5 million, The Real Deal has learned.
The seller was Pacific Industrial, a Long Beach-based industrial developer.
The Sierra Pacific Center is fully leased to FedEx and LG Electronics. The Class A logistics and distribution facility at 5565 and 5885 Sierra Avenue also a 40,830 square feet of office space.
Cushman & Wakedfield’s Jeff Chiate, Mike Adey, Jeffrey Cole, Ed Hernandez, Chuck Belden and Phil Lombardo represented the seller. The buyer was represented in-house.
Cushman called it one of Southern California’s highest-price industrial deals in the past two years in terms.
Property records show the deal on April 18. At $213.5 million, the sale pencils out to about $142 per square foot.
The Inland Empire, which encompasses parts of San Bernardino and Riverside counties, claimed more warehouse deals than any other market in the country last year. According to a CBRE report, 20 of the top 100 deals in the nation took place in the submarket, totaling almost 19 million square feet in trades.
A representative for Northwestern did not immediately return requests for comment.