Wednesday, September 23, 2015

Cress Capital acquires 310,000 square feet of industrial property and 10-acres of excess land in Perris, CA in an off-market transaction.



Wally Reid
PERRIS, CA -- Cress Capital, LLC , a Newport Beach-based investor, announced that, in conjunction with PacVentures, Inc., it has acquired a 30-acre property including two industrial buildings totaling 310,000 square feet, as well as a 10-acre excess land parcel for approximately $11.3 million.

 Located at 3411 N. Perris Boulevard in Perris, CA, each of the two buildings are occupied by a single tenant on a long term lease.  The transaction was negotiated directly between Cress Capital and the seller. 

“This investment underscores Cress Capital’s value-oriented approach and ability to source off-market transactions in an increasingly competitive market,” according to Ryan Parkin, Managing Partner with Cress Capital.

“We believe that strong risk-adjusted returns are achieved through special situations and assets with attributes that limit the buyer pool,” Parkin said.

“Earning a strong current yield at a favorable basis, while controlling a future development site in a rapidly maturing submarket, combined to make this investment attractive,” Parkin added.




Jeff Sause
The Inland Empire industrial market is exhibiting healthy fundamentals with vacancy currently under five percent.  During the last several years, the area surrounding the property has expanded rapidly with numerous Fortune 500 companies such as Home Depot, Procter & Gamble and Amazon driving absorption. 

Led by Senior Managing Director Wally Reid and Associate Director Jeff Sause, HFF arranged debt financing for the Cress Capital team. According to Reid, “The Cress team knew what they wanted and entrusted HFF to find the best life company execution in the marketplace.”

Cress Capital is expanding its portfolio in Southern California. 

According to Art Smith, Managing Partner with Cress Capital, “Being nimble, solution oriented and entrepreneurial with deep institutional experience and relationships differentiate Cress. 

"We expect that our long-standing relationships with owners and brokers alike will enable us to continue to acquire more assets at favorable pricing.” 

“Cress is particularly attracted to investments with attributes such as deferred maintenance, ground leases, environmental contamination and other repositioning opportunities,” Smith noted. 


For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

        

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