(Read more on the industrial market.)
CORONA, CA-Master Development Corp. of Newport Beach has acquired two industrial buildings totaling 100,020 sf from Fleetwood Aluminum in a venture with GE Asset Management. The deal, which is the fourth acquisition for the MDC/GE joint venture, expands what is already a significant number of holdings for Master Development in Corona.
The two recently acquired buildings are at 2465 and 2485 Railroad St. The buildings are part of what EVP Bryan Bentrott of Master Development describes as an industrial market that benefits from growth from within its existing 25-million-sf base, expansion from adjacent markets like Chino and Ontario, and relocation from Orange County companies seeking affordable space that is close to their work force.
MDC has constructed 28 buildings in Corona since 2003 and has now turned its attention to value-added acquisitions within the city. This transaction represents MDC's second purchase of an existing building in Corona in 2007 and the firm is evaluating additional investment opportunities.
Bentrott says that MDC is looking to add more value-added acquisitions within its GE joint venture fund, which the Newport Beach-based firm and GE Asset Management formed to purchase industrial land and buildings throughout Southern California.
According to Bentrott, both of the newly acquired properties were competitively priced, well located and in short supply for companies needing quality manufacturing and warehouse space in each respective size category. MDC plans to remodel both of the buildings and offer them for sale or lease.
Master Development was extremely aggressive in underwriting the property, according to Walter Fromme, SVP of Voit Commercial Brokerage. The deal closed in only 45 days from start to finish, Fromme notes.
According to Bentrott, Fleetwood Aluminum sold the buildings to buy one larger building, also in Corona, as part of a consolidation of its five locations into one 200,000-sf headquarters. Frome and Bill Livesay of the Irvine office of Voit Commercial represented both the buyer and the seller.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
