The billionaire founder of Spanish fast-fashion retailer Zara now owns one of Walmart’s distribution hubs in Southern California.
Amancio Ortega’s family office, Pontegadea, bought the 340,000-square-foot warehouse in the Inland Empire for $109 million, or about $320 per square foot, according to Commercial Observer. LBA Realty sold the property, which was built in 2019.
The property, located at 1600 Agua Mansa Road in the city of Colton, is fully leased to Walmart, which uses it as a distribution hub. It’s also outfitted with automated technology and robotics to help move products around the facility.
Pontegadea has bought $905 million worth of logistics properties across the U.S. since July 2022, according to Bloomberg, as part of its larger foray into real estate.
And international buyers like Pontegadea have flocked to the Inland Empire even as industrial sales have slowed across the country in light of rising interest rates.
In May, Kearny Real Estate sold one of its largest spec projects in the Inland Empire for $325 million, or about $445 per square foot, to Singapore-based GLP Capital Partners.
The Los Angeles-based developer sold the 730,000-square-foot, five-building industrial campus at 1501 Sherborn Street in the Riverside County city of Corona in a ground-lease deal.
— Isabella Farr
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