36th Street Partners has recently acquired a multi-tenant industrial property in Ontario for $3.48 million. The 17,360-square-foot property, located at 1804 to 1828 E. Elma Court, was purchased with equity partner JW Capital from Los Angeles.
Constructed in 1982 and situated on a spacious 1.3-acre lot zoned for light industrial use, the property boasts thirteen fully occupied units utilized by tenants for office and warehouse purposes.
According to Adam Norvell, founder & managing partner of 36th Street Partners: “We identified this asset as an excellent opportunity to add value through unit renovations upon lease expiration and bringing rents up to market rates.” He further highlighted the prime location of the property in Inland Empire West – highly sought after due its proximity north of Ontario International Airport – with limited availability of comparable products due to high costs involved. In fact, institutional groups are even demolishing smaller industrial buildings like this one in order develop larger single-tenant properties.”
The acquisition was facilitated by Brian Tressen from Martin Associates who represented Connect CRE while Tony Guglielmo from Allied Commercial Real Estate acted as representative for the private owner selling off their asset.
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