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8/20/18
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The Associates Equity Fund (AEF) has acquired a four-building, 165k sf industrial portfolio in West Corona for $14.3 mil ($87/sf). The acquired properties include a 25k sf, multi-tenant industrial building along with two free-standing industrial buildings totaling 32k sf and 108k sf.
AEF is in the process of the design and demo/TI work for the buildings with the intent to immediately bring the properties to the market for lease. AEF’s six funds include industrial, R&D and office space totaling over 450,000 SF.
Jeff Ruscigno and Brian Tressen of Lee & Associates Riverside represented AEF in the deal. Zach Niles and Louis Tomaselli of JLL represented a private seller. Both Lee & Associates Riverside and JLL will be acting as the property’s exclusive leasing agents.
This transaction follows AEF’s recent purchase of a 129k sf, R&D facility in the city of Moorpark. That facility, which is located at 5898 Condor Dr, was purchased from Los Angeles-based Maxxam Enterprises for $7.65 mil.
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