Ontario, Calif. – Avison Young announced today the $59.275 million acquisition of a 205,589- square-foot industrial building located at 100 Walnut Avenue in Perris, Calif.

Avison Young Principal Cody Lerner who is located in the firm’s Inland Empire office represented the buyer, a fund managed by Ares Management, a leading global alternative investment manager. The seller, 100 Walnut, LLC., was represented by Carol Taubman of Westgate Industrial Properties. The closing cap rate was 5.5%.

The property is fully leased to GPA Logistics.

“Timing is everything, which was the case for this transaction,” said Lerner. “Given the uncertainty in the market, the seller chose to dispose of the asset at a strategic time prior to the end of the year. Our client recognized the attractive quality and strategic location of this asset and was able to move swiftly. This aligned investment timing allowed for a beneficial situation for both parties.”

Built in 2022 and situated on 9.56 acres, the asset includes a 36-foot clear height, 27 dock doors and 1,200 amps of power.