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7/09/24
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L.A.-based Dunleer acquired two fully occupied, SoCal multi-tenant business parks in deals totaling $9.39 mil. The properties are located in Huntington Beach and Baldwin Park and total 40k sf of space.
In one of the deals, the company paid $5.76 mil for a 22.4k sf ($257/sf) asset located at 7602 Talbert Ave in Huntington Beach, with easy access to the 405 Fwy. Built in 1978, the 24-unit industrial business park consists of two buildings on 1.15 acres. It includes 16 industrial units and eight small office units. Property features include 15 ground-level doors, 12’ ceiling heights and 33 parking spaces.
Dunleer plans to invest heavily in capital improvements over the coming months for interior and exterior upgrades, in an effort to make it one of the most attractive small bay business parks in the submarket.
5124-5130 Heintz St, Baldwin Park |
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In the other transaction, Dunleer paid $3.63 mil for a 17.6k sf ($206/sf) property located at 5124 - 5130 Heintz St in Baldwin Park. Built in 1971 and 1973, the 16-unit asset contains two buildings on just under one acre of land. It features 16 ground-level doors, ceiling heights ranging from 14’ to 16’ and 31 parking spaces. The property is less than 30 minutes from downtown Los Angeles and is surrounded by major freeways including the 10, 210, 605 and 60, giving convenient access to the greater Southern California region.
Dunleer will upgrade the building exterior to help improve park functionality as well as renovate interiors of vacant units and lease the spaces to new users at market rents. The firm is currently in discussions to add a cell phone tower which can generate additional cash flow.
Chad Gahr of NAI Global represented Dunleer who was in a 1031 exchange. Marie Taylor of NAI Global repped the seller, family members of the original developer.
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