The properties are located at 1550 E. Burnett St. and 2399 Walnut Ave. Each has two single-tenant industrial buildings with dock-high doors. The buildings total nearly 19,000 square feet.
The acquisition was done off-market.
“We are pleased to partner with Manhattan West, a well-respected operator with a solid track record, on this investment,” John Meek, managing principal at RanchHarbor, said in a statement.
“This is a rare opportunity to invest in Signal Hill, a submarket with extremely low vacancy rates and a short supply of industrial spaces of this size and specifications. The property is an excellent addition to RanchHarbor’s growing portfolio as we continue to find undervalued opportunities in the ‘small cap’ sector with proven operating partners that know their markets well,” Meek added.
This is RanchHarbor’s first portfolio acquisition in 2021. The company, which launched in 2020, is looking at other opportunities as well.
One building at the Signal Hill property has a tenant with a substantial term left on its lease. The other building was vacant at the time the transaction closed. The joint venture plans to make improvements to the property, including performing deferred maintenance and getting the vacant building move-in ready.
Kidder Mathews’ Marc Bonando and Brad Connors will lease the property.
“Signal Hill is an extremely tight industrial real estate submarket with little turnover of asset ownership and limited new construction over the last seven years,” Adam Norvell, director of real estate at Manhattan West Real Estate, said in a statement.
“With vacancies around 1.3%, opportunities to acquire assets here are infrequent, and we are happy to partner with the experienced team at RanchHarbor on this investment,” he added.
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