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| 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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