RanchHarbor and Manhattan West Real Estate, a fully integrated real estate investment and management firm based in Los Angeles, have formed a joint venture to acquire a 0.79‐acre value-add industrial property located in Signal Hill, Calif. The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared, secured yard. Each building has one dock-high door and one grade-level door, a quality that is valuable and in high demand for tenants in this size range.
RanchHarbor and Manhattan West Real Estate purchased the property off-market, substantially below replacement cost and at an attractive basis. The joint venture acquired one building with substantial term remaining on the lease and one building vacant at closing. The business plan is to perform deferred maintenance and capital improvements to the property including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The joint venture ha
