Moreno Valley Corporate Center

Moreno Valley, CA

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

Highlights

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.
  • Currently 98% occupied with staggered short-term lease expirations allowing strong cash-flow and flexibility while repositioning.

Overview – Projected Project Level Returns

30.98%

Projected IRR

1.90X

Equity Multiple

4.5 Years

Hold Period