Dunleer, a Los Angeles-based private real estate investment and development firm, recently purchased two fully occupied multi-tenant business parks in Southern California for a total of $9.39 million. The properties, located in Huntington Beach and Baldwin Park, were acquired through off-market transactions using all-cash.
In the larger deal, Dunleer bought 7602 Talbert Ave., an industrial business park spanning 22,382 square feet with 24 units in Huntington Beach for $5.76 million. Matthews Real Estate Investment Services represented both Dunleer and the seller – a local private owner who is also related to the original developer.
The company also acquired 5124 to 5130 Heintz St., an industrial business park covering17,629 square feet with16 units in Baldwin Park for $3.63 million as part of their ongoing exchange program (1031). NAI Global represented Dunleer while another agent from NAI Global acted on behalf of the seller – family members of the original developer.
“Dunleer has high expectations for small bay multi-tenant industrial parks and we were fortunate enough to offer individual sellers quick cash deals that resulted in smooth closings,” said BJ Turner founder at Dunlee r.”This type of property typically outperforms single-tenant industrial spaces due to its historical performance record.Also,the supply rarely increases as building new products becomes economically unfeasible especially within infill locations across greater Southern California.”
The article “Dunlee Acquires Two Business Parks Through All-Cash Deals” was originally published on Connect CRE.
