GLP Capital Partners Inc. (GCP US), a global asset management firm based in Santa Monica, recently announced it has acquired Pinole Point Business Park on Atlas Road, a 475,000 square foot, three-building logistics park located at the intersection of Atlas Road and Giant Highway.
GCP US additionally announced the purchase of a similar facility in Atlanta, saying both investments align with acquisitions of these assets in “supply-constrained markets with durable demand drivers.”
“The Class A buildings are fully occupied by a diverse group of long-tenured tenants,” GCP US said in a statement. “GCP US believes the submarket will benefit from high barriers to new supply, including limited developable land and increasing regulatory requirements for new construction.”
Adam Berns, CIO at GCP US said the company would continue to focus investing on “infill coastal markets with dense populations and growing barriers to new supply.”
According to the San Jose Mercury News, which broke the story of the sale locally, GLP Capital Partners paid $129 million for the three buildings.
