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2/29/24
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36th Street Partners has acquired a 17.4k sf, multi-tenant industrial property in Ontario for $3.48 mil ($200/sf). 36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office focused on real estate, media, entertainment and technology opportunities.
Built in 1982 and situated on a 1.3-acre parcel that is zoned for light industrial use, the property is located at 1804 to 1828 E. Elma Ct. The property includes 13 units that are 100% occupied with tenants using the spaces for office and warehouse purposes.
“We saw this asset as an ideal opportunity to create value by renovating units upon lease expiration and bringing rents to market rates,” said Adam Norvell, Founder & Managing Partner of 36th Street Partners. “The property is in a coveted infill Inland Empire West location just north of Ontario International Airport with little to no new comparable product nearby due to it being cost-prohibitive. If anything, supply is decreasing as institutional groups are demolishing these smaller industrial buildings to developer larger single-tenant product.”
He noted that the property also has a condominium map in place, providing the ability to sell the units individually to small users as one potential exit strategy.
Brian Tressen of Martin Associates represented 36th Street Partners in the transaction. The seller, a private owner, was repped by Tony Guglielmo of Allied Commercial Real Estate.
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