{"id":1004206964,"date":"2018-02-14T06:18:04","date_gmt":"2018-02-14T14:18:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004206964"},"modified":"2022-12-08T08:22:41","modified_gmt":"2022-12-08T16:22:41","slug":"magellan-completes-375m-investment-strategy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/magellan-completes-375m-investment-strategy\/","title":{"rendered":"Magellan Completes $375M Investment Strategy"},"content":{"rendered":"

By IvyLee Rosario<\/em><\/p>\n

\"Magellan<\/a>

Magellan Storage\u2014Commerce, 5415 E. Olympic Blvd., Commerce, Calif.<\/p><\/div>\n

The Magellan Group has sold two of its Los Angeles area industrial properties, located in Commerce, Calif., for $77.6 million. These\u00a0sales mark the completion of the firm’s three-year, $375 million investment, development and disposition strategy focused on value-add industrial and self-storage properties in infill Southern California locations.\u00a0<\/p>\n

“As the economic recovery began to materialize towards the end of the Great Recession, we chose to concentrate our investment, development and disposition efforts on our existing and new infill investments that, while more difficult and costly to assemble, entitle and develop, would nonetheless provide outsized returns as the overall market improved,”<\/em>\u00a0said Kevin Staley, principal at The Magellan Group, in a prepared statement.<\/p>\n

Property Features\u00a0<\/h2>\n

Commerce Business Center, is located at 6801 East Gage Ave. and was purchased by Blackstone Property Partners, the Core+ business of Blackstone. The 290,000-square-foot industrial facility features three buildings, 263 parking spaces, 18-foot to 24-foot clear heights, refrigerated storage, sky lights, loading doors and insulated ceilings. The project included 90,000 square feet of new construction built by Magellan to meet demand for smaller tenant spaces.\u00a0<\/p>\n

The second property sold was Magellan Storage-Commerce, a 144,000-square-foot self-storage facility<\/a> located at 5415 E. Olympic Blvd. Purchased by US Storage Centers, the asset features 1,348 units and was redesigned and redeveloped by Magellan from a former industrial building. Features include climate control, drive-up access, moving carts, electronic gate access, passenger elevators, RV and boat parking and video recording.\u00a0<\/p>\n

\u201cWe intend to pursue reinvestment opportunities from these sales and continue the harvesting of other Magellan assets while adopting a growth strategy consistent with current and future market conditions,\u201d<\/em> Staley told Commercial Property Executive.<\/em><\/p>\n

NKF’s Executive Managing Directors Bret Hardy and John McMillan, President Kevin Shannon, Managing Director Scott Schumacher and Senior Managing Director Jeff Sanita represented Magellan in the sale of Commerce Business Park.\u00a0Cushman & Wakefield’s Senior Director Greg Wells and Executive Managing Director David Hasbrouck represented Magellan in the sale of Magellan Storage\u2014Commerce.\u00a0<\/p>\n

Image courtesy of The Magellan Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company sold two Commerce, Calif. industrial properties for a total of $77.6 million, finishing off its three-year investment, development and disposition value-add plan. <\/p>\n","protected":false},"author":746,"featured_media":1004207004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1594,21742,15],"tags":[32799,33532,36007,33129,37948],"class_list":["post-1004206964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-cushman-wakefield","tag-kevin-shannon","tag-newmark-knight-frank","tag-the-blackstone-group","tag-us-storage-centers"],"acf":[],"yoast_head":"\nMagellan Completes $375M Investment Strategy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/magellan-completes-375m-investment-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magellan Completes $375M Investment Strategy\" \/>\n<meta property=\"og:description\" content=\"The company sold two Commerce, Calif. industrial properties for a total of $77.6 million, finishing off its three-year investment, development and disposition value-add plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/magellan-completes-375m-investment-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-14T14:18:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:22:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Magellan-Storage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/magellan-completes-375m-investment-strategy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/magellan-completes-375m-investment-strategy\/\",\"name\":\"Magellan Completes $375M Investment Strategy - 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