Cabot Buys Back Inland Empire Warehouses for $202 Million

Cabot Properties has bought back three warehouses that it had sold to Link Logistics in the Inland Empire, plus another one, for $202 million

The Boston-based investor purchased the fully leased 670,000-square-foot portfolio of four buildings in Ontario, Fontana and San Bernardino, the Commercial Observer reported. The seller was Link Logistics, a unit of New York-based Blackstone.

The deal works out to $302 per square foot, and is among the largest sales in the IE industrial market this year.

The portfolio includes a 263,700-square foot warehouse at 1670 Champagne Avenue and a 147,500-square-foot warehouse at 1651 South Carlos Avenue in Ontario; a 103,300-square-foot warehouse at 10917 Cherry Avenue in Fontana; and a 154,600-square-foot warehouse at 750 South Valley View Avenue in San Bernardino.

Cabot had developed three of the properties — 1651 South Carlos Avenue, 10917 Cherry Avenue and 750 South Valley View Avenue — and later sold them to Link, an unidentified source told the Observer.

It wasn’t clear when and for how much Cabot sold those properties, or why the company decided to buy them back. In 2021, Blackstone Group picked up a portfolio of 124 properties from Cabot across the U.S. and Europe for $2.8 billion.

Brokers Michael Kendall, Gian Bruno, Kenny Patricia, Kylie Jones, Thomas Taylor, Steve Bellitti and Joey Jones of Colliers brokered the deal on behalf of the seller and buyer.

Only three sales in the Inland Empire exceeding 650,000 square feet have included four or more properties in the past five years, according to Colliers.

This year, San Francisco-based Stockbridge Capital Group bought an industrial portfolio from Principal Asset Management, based in Iowa, for $142.3 million, consisting of two properties totaling 540,000 square feet, according to the Observer.

This summer, Cabot bought a 236,000-square-foot property in Fontana from Transwestern Development for $76.8 million

— Dana Bartholomew