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6/20/22
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Dunleer has acquired two Industrial Outdoor Storage properties in deals totaling approximately $13 mil. The properties are located at 4404 W 1st Street in Santa Ana and 10027 Artesia Boulevard in Bellflower.
According to BJ Turner, Founder of Dunleer. “industrial storage properties are generally easy to manage and lease, and are a solid source of revenue with higher average cap rates compared to distribution centers. Turner says they are seeing more and more interest from a range of investors and users as there is no realistic path to replenishing the supply of this asset class as competing sites often get developed or rezoned.
Commenting on these latest purchases, Turner notes, “Both of these assets are located in extremely tight infill markets and we expect to attract a strong amount of demand from a wide variety of users including transportation, e-commerce, construction, construction materials and utility industries.”
Following is information on each property:
• 4404 W 1st Street in Santa Ana is a 2.73-acre outdoor storage yard that includes one 3.8k sf office/industrial building. Dunleer paid $8.61 mil for the asset. It is located in a key infill industrial location serving Orange County and is proximate to major distribution corridors or nodes such as I-5, I-405, CA-55, CA-22, John Wayne Airport. Dunleer has now commenced site improvements including clean up, re-paving and other capital improvements that will attract a new user. Dunleer was represented by Chad Solomon JLL.
• 10027 Artesia Boulevard in Bellflower is a 1.07-acre outdoor storage yard that includes improvements totaling 3.8k sf. Dunleer paid $4.15 mil for the asset. The site is currently occupied by a pipe and steel fabrication user who will be leasing back the site for six months. The property is located in a key infill “Mid Counties” location serving Los Angeles and Orange County and is proximate to seven major distribution corridors or nodes such as I-5, I-405, I-605, I-105, I-710, CA-19, and CA-91. Dunleer plans to pre-lease the site to another outdoor storage user once the site is available and will perform both functional and cosmetic renovations to enhance the marketability of the site for lease. Both the buyer and seller were represented by John Rendon of INCO Commercial.
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