IE Business Daily Business news for the Inland Empire.
A New York-based investment firm has purchased the Southern California Logistics Center in Victorville.
H.I.G. Realty Partners bought the center – a 3.4 million square foot industrial project located on the former George Air Force Base – in an off-market transaction, according to a statement released yesterday.
Cost of the acquisition was not disclosed.
The center which is fully leased, is part of the former George Air Force Base, which was converted to civilian use after it was decommissioned in December 1992. It provides logistics support to the consumer products, manufacturing, food and beverage, and aviation industries, among other sectors.
“The acquisition of SCLC is a continuation of H.I.G. Realty’s ability to identify undervalued, strategically located, off-market industrial opportunities,” said David Hirschberg, co-head of H.I.G. Realty Partners, in the statement,
“H.I.G. will employ its value-add expertise to significantly enhance the attractive in-place cash flow from a strong roster of tenants that have occupied SCLC for over a decade.”
H.I.G. Realty Partners is a subsidiary of H.I.G. Capital. H.I.G. Realty manages $8.4 billion of assets, mostly small-to-medium cap real estate in the United States, Europe and Latin America.
H.I.G. Capital, is a global alternative assets investment firm with an equity capital portfolio of more than $45 billion, according to the statement.
