Brookfield Asset Management Inc. paid $45.5 million to acquire the 240,000-square-foot Colonnade Business Park in Santa Fe Springs, Calif., The Real Deal reported.
The property at 9720 Norwalk Blvd. was sold by a joint venture between Sperry Equities and an unnamed family foundation local to the area.
The partners acquired the four-warehouse complex in 1997 for $13 million. It is leased to multiple tenants including general contractor Matt Construction Corp., steel supplier and manufacturer Kloeckner Metals Corp. and the Los Angeles County Sheriff's Department.
JLL, which represented the buyer in the transaction, confirmed the deal but declined to provide additional details, according to the publication.