Address: 14300-340 Elsworth St & 22620 -640 Goldencrest Dr
Year Built: 1989
Building SF: 139,015 SF
Acquisition Date: June 2021
Projected Hold Period: 4.5 Years
Multi-tenant light industrial project comprised of five buildings and 74 individual units.
- Acquired a highly desirable light industrial asset at an attractive basis with mark to market opportunity as existing leases roll as well as the opportunity to create a condominium map and sell units off individually.
- There has been little to no new construction of small-bay industrial product in this submarket, resulting in additional rent growth for buildings with units in this size range.
- 98% occupancy at acquisition with staggered short-term lease expirations allowing strong cash-flow and flexibility while repositioning.