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January 18, 2022
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Ranch Harbor and Manhattan West Real Estate Buy Signal Hill Industrial Property


A venture between Ranch Harbor and Manhattan West Real Estate has acquired a .79‐acre, value-add industrial property in Signal Hill. The property consists of two single-tenant industrial buildings totaling 18.7k sf with a shared, secured yard. Each building has one dock-high door and one grade-level door, a quality that is valuable and in high demand for tenants in this size range.

We’re told that RanchHarbor and Manhattan West Real Estate purchased the property off-market, substantially below replacement cost and at an attractive basis. The price was not disclosed. The JV acquired one building with substantial term remaining on the lease and one building vacant at closing.

The business plan is to perform deferred maintenance and capital improvements to the property including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The JV has retained Marc Bonadando and Brad Connors with Kidder Matthews to market and the lease the available space.

The subject property is well located at the northeast corner of Walnut Ave and E. Burnett St, within the highly supply-constrained South Bay industrial submarket. It is approximately two miles from Interstates 405 and 710. The area is a central node for businesses associated with port activity and last-mile distribution. The property is a 15‐minute drive to the San Pedro Bay Port complex and is easily accessible to air freight travel at the Los Angeles International and Long Beach Airports.

According to John Meek, managing principal at RanchHarbor, Signal Hill is a submarket with extremely low vacancy rates and a short supply of industrial spaces of this size and specifications. RanchHarbor provided a full capital stack solution for the transaction. The company’s capital markets advisory platform, RH Advisors, sourced a 36-month, attractively priced, fixed-rate non-recourse bridge loan from a bank lender.

“Signal Hill is an extremely tight industrial real estate submarket with little turnover of asset ownership and limited new construction over the last seven years,” said Adam Norvell, director of real estate at Manhattan West Real Estate. “With vacancies around 1.3%, opportunities to acquire assets here are infrequent.”

This investment marks RanchHarbor’s first portfolio acquisition in 2021 and its third since the company’s launch in 2020. The firm is actively seeking value-add and opportunistic general partner (GP) and limited partner (LP) commercial real estate investment opportunities in select western U.S. markets with targeted equity commitments between $2 mil and $8 mil.

Since 2019, Manhattan West has invested in three separate transactions and now has ownership in over 50k sf of industrial space in Southern California. The firm is actively seeking value-add and opportunistic industrial investment opportunities in major western U.S. markets, with a focus on Los Angeles.

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