Dexus acquires Californian warehouse for $17 million

Property group Dexus has paid $17 million for a 27,128-square-metre industrial property in La Palma, California.

The initial purchase price yield is 4.3%.

The US acquisition comes exactly a week after Dexus offloaded a 70,000-square-metre Toronto warehouse for $67 million.

The building, at 5911 Fresca Drive, has 149 square metres of newly appointed office space and has direct access to the 5 and 91 freeways, as well as close proximity to the Los Angeles and Long Beach ports.

The acquisition enhances Dexus’ presence in the California market and grows its US portfolio, which now comprises 88 industrial properties totalling more than 2.3 million square metres.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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