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SOUTHERN CALIFORNIA NEWS
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RanchHarbor and Manhattan West Acquire Five-Acre Industrial Property in San Dimas

5/11/22

A five-acre, multi-tenant industrial warehouse property in the eastern San Gabriel Valley city of San Dimas was acquired by a venture of RanchHarbor and Manhattan West. A price was not given out.

The value-add asset includes four individual buildings encompassing 91k sf across 44 individual suites. The JV purchased the property 98% occupied, substantially below replacement cost and at an attractive basis through an off-market transaction from a private seller.

“The San Dimas investment represents a unique opportunity to purchase a multi-tenant industrial asset in a desirable and highly supply-constrained San Gabriel Valley submarket well below replacement cost,” said John Meek, managing principal at RanchHarbor. “With little to no new construction of small-bay industrial product in the submarket, this specific type of multi-tenant product is cost-prohibitive to build in many parts of the Los Angeles Basin due to the lack of available developable land, rapidly increasing land values and high construction costs.”

The San Dimas property’s four concrete tilt-up structures feature 14-foot to 18-foot clear height and 44 ground-level doors. Unit sizes range from 1.2k sf to 6.3k sf. The property, originally built in 1979 and renovated in 2005, has a 10‐year historical average occupancy of 95%. The JV’s business plan is to perform deferred maintenance and capital improvements to the property including “white boxing” to improve its marketability.

The asset is located at 221-299 Allen Ave and 906-924 Cataract Ave. Positioned along the south side of the 210 Fwy at the San Dimas Ave exit, the property offers freeway identity and efficient connectivity to major transportation thoroughfares. It is less than a mile to the 57/210 freeway interchange and is accessible to the I-10, I-605 and I-15 freeways.

According to Costar, the East San Gabriel Valley industrial submarket’s vacancy is less than 1%, as of Q1 2022, and availabilities are more limited than in many other industrial locations in L.A. County. The direct availability rate is 1.5% compared to 2.6% at the metro level.

The San Dimas investment is RanchHarbor and Manhattan West’s second JV partnership. The two firms recently completed the renovation and lease up of an 18k sf value-add industrial property in Signal Hill. The property is currently being marketed for sale.

The San Dimas transaction was facilitated by Lee & Associates with the JV represented by Jack Haley and the seller represented by Todd Launchbaugh and Justin Leewood.





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