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5/22/20
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ADJ Holdings LLC paid $1.85 mil for a 120-acre industrial zoned land property in Imperial County. The site, located at 340 Ralph Rd, was acquired through an auction process run by Ritchie Bros. Auctioneers.
The property features a seven-car rail spur on the Union Pacific (UP) line, plus approximately three quarters of a mile of additional track that could be installed on the property to expand the rail component. Approximately 75 acres of the site has chain link perimeter fencing with two main access gates and a third gate at the rail spur.
The buyer acquired the property as an investment and will begin seeking tenants for the industrial facility. The property benefits from many incentive programs, including New Market Tax Credit (qualifies as a severely distressed area), Foreign Trade Zone, and others.
The asset was sold by Ralph Road LLC. Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego brokered the sale.
According to Jackson, 340 Ralph Road was originally developed as a cotton processing facility. It has since been used for a number of uses, including hay storage, truss manufacturing, dead storage, transloading of raw materials and components for manufacturing in Mexicali, and various agricultural uses. It currently consists of four parcels mainly used for storage.
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