RanchHarbor and Manhattan West have formed joint venture partnership in the acquisition of a five-acre multi-tenant industrial warehouse property in San Dimas, Calif.
The joint venture purchased the property 98 percent occupied, substantially below replacement cost and at an attractive basis through an off-market transaction from a private seller. Terms of the deal are not disclosed.
The value-add asset includes four individual buildings encompassing 91,000 total rentable square feet across 44 individual suites.
“The San Dimas investment represents a unique opportunity to purchase a multi-tenant industrial asset in a desirable and highly supply-constrained San Gabriel Valley submarket well below replacement cost,” said John Meek, managing principal at RanchHarbor. “With little to no new construction of small-bay industrial product in the submarket, this specific type of multi-tenant product is cost-prohibitive to build in many parts of the Los Angeles Bas
