 |
| Ryan Martin |
IRVINE, CA – HFF
announced it has closed the $17 million sale of a 260,000-square-foot
industrial building in the Inland Empire submarket of Moreno Valley,
California, east of Los Angeles.
HFF represented the
seller, a joint venture between Marhub, LLC and Global Port Ramp Services, and
the buyer, Westcore Properties, who purchased the facility free and clear of
existing debt.
The property is located
at 17101 Heacock Street in Moreno Valley on the March Air Reserve Base.
Built in 2006, the building is master-leased
to DHL Express, Inc., but the current sublease tenants include Amro Fabricating
Corp. and Ross Dress for Less.
Adjacent to an Amazon
Fulfillment Center, the property provides immediate access to Interstate 215
and includes heavy electrical power, extensive trailer parking and future
expansion capabilities.
The Ports of
Los Angeles and Long Beach are both less than 75 miles west of the property.
 |
| Anthony J. Brent |
The HFF investment sales
team was led by senior managing director Anthony Brent and managing director Ryan Martin. Director Jeremy
Womack also assisted in the sale.
“With the ground lease,
subtenants and the air cargo nature of the facility, the transaction had many
moving parts, which required a skilled buyer to understand all of the related
complexities,” Brent said.
“This investment
presented a unique value-add opportunity in the marketplace and will be a great
addition to Westcore’s Southern California portfolio.”
“Offering ramp access for
inbound and outbound air cargo as well as the longest and deepest runway in
California, this property also benefits from being located within a foreign
trade zone destination,” Martin added.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
No comments:
Post a Comment