Real estate investment, operations and management firm Ocean West Capital Partners has acquired five California industrial properties for just under $100 million. The properties total 1.83 million square feet of industrial space in the Inland Empire and Central Valley markets in California.
The purchase included an industrial outdoor storage portfolio totaling 921,000 square feet of findustrial space in San Bernardino, Calif. — one of the most in-demand areas of the Inland Empire. The portfolio includes four industrial properties constructed in 2023 and features 604 trailer stalls, concrete pavement, efficient layouts and a maintenance facility. The properties are currently available for lease.
The Inland Empire market has recently experienced accelerated industrial development and is now one of the fastest-growing in the U.S., due, in part, to its status as a logistics corridor in the greater LA area, as well as spillover demand from the neighboring Los Angeles industrial space market.
“The Inland Empire is one of the most sought-after markets within the IOS sector, given the limited available supply and proximity to major logistics users and the Ports of Los Angeles and Long Beach,” said Ryan Tucker, principal at Ocean West. “The acquisition of this portfolio aligns perfectly with Ocean West’s belief in the long-term growth fundamentals of the industrial sector.”
The fifth property in Ocean West’s acquisition is an off-market sale and leaseback of a 908,000-square-foot advanced manufacturing facility in Hanford, Calif. Recently renovated, the facility is home to the manufacturing headquarters of Faraday Future, a startup focusing on luxury electric vehicles. Even as industrial development slowed during the course of 2023, manufacturing is still turning heads thanks to investments driven by reshoring, especially in high-tech fields requiring advanced methods.
Ocean West Capital Partners acquires and operates industrial, office and residential real estate totaling more than $50 billion in real estate transactions since the firm’s formation in 2010. The firm’s portfolio currently includes 31 properties in California, as well as other locations in Texas, Pennsylvania, Michigan and Washington, D.C., among others.
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