EL SEGUNDO, Calif., Oct. 31, 2023 /PRNewswire/ — Ocean West Capital Partners (“Ocean West”) today announced the recent acquisitions of five logistics focused properties totaling nearly $100 million and comprised of 1.83 million square feet in the Inland Empire and Central Valley markets of California.
The recent purchases include a 921,729 square foot industrial outdoor storage (“IOS”) portfolio comprised of four properties on 21.2 total acres located in the desirable San Bernardino and Fontana submarket in Inland Empire. The properties were recently constructed in 2023 and feature top of the line improvements for industrial outdoor storage uses including 604 total trailer stalls, concrete pavement, new fencing and lighting, a 12,000 square foot maintenance facility, and efficient layouts. All of the properties have been recently fully permitted by their respective municipalities to allow for outdoor storage uses, including the highly sought after trailer storage use, and are currently available for lease.
“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,” says 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.”
Additionally, Ocean West closed on the off-market sale leaseback of a recently renovated advanced manufacturing facility totaling 908,000 SF located in Hanford, CA. The facility is the manufacturing headquarters for Faraday Future, a luxury electric vehicle manufacturer. Faraday recently upgraded the property into a state-of-the-art EV auto manufacturing plant with nearly 28,000 amps of power servicing the facility.
“The off-market acquisition of the Faraday facility demonstrates Ocean West’s ability to source unique investment opportunities and work through complex deal structures”, said Sam Hooker, Principal at Ocean West. “We are actively looking for similar opportunities to continue to expand our industrial portfolio across the West Coast.”
Since its formation in 2010, Ocean West Capital Partners has acquired and operated industrial, office, and residential investments and has completed over $7.1 billion of commercial real estate transactions. With over 100 years of combined experience and $50 billion of real estate transactions completed among its principals, Ocean West Capital Partners is a full-service real estate investment, operations, and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors.
SOURCE Ocean West Capital Partners
Originally published at https://www.prnewswire.com/news-releases/ocean-west-capital-partners-acquires-100m-in-logistics-properties-comprised-of-1-83m-sq-ft-in-california-301972361.html
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