Diablo Industrial Center Sells
Author: Diana Heeb Bivona
The Diablo Industrial Center, built between 1995 and 1999, has been bought by Harsch Investment Properties for $59.87 million, or about $120 per square foot. There was a 6.5 % cap rate at the time sale.
The 499,720-square-foot complex, previously owned by an affiliate of Scherer Development, sits on 32 acres and currently has 32 tenants that include MGM Grand Resorts and MGM Mirage. The six-property portfolio includes:
* 5625 Arville St. - 104,000 SF;
* 5620 Cameron St. - 104,000 SF;
* 5550 Cameron St. - 74,604 SF;
* 4545 W. Diablo Road - 107,000 SF;
* 4444 W. Russell Road - 55,058 SF;
* 4544 W. Russell Road - 55,058 SF.