SCHAUMBURG, IL (May 17, 2022)—Industrial Outdoor Ventures (IOV) has completed the acquisition of two Industrial Storage Facilities (ISFs) in Southern California’s Inland Empire, bringing its portfolio of assets under management to 10 in the Inland Empire and 11 in California. IOV acquired the properties at 10631 Banana Avenue in Fontana and 545-615 Main Street in Ontario.
The financial terms of the transactions were not disclosed. The seller of the Fontana property was SAA Properties; the seller of the Ontario property was a private entity.
“The Inland Empire is one of the largest, most active and highly sought after industrial markets in the country given its population and proximity to ports, among other things,” said Anthony DeLaurentis, Acquisitions Officer, Industrial Outdoor Ventures. “We’re excited to bring these to market as we’ve already been getting strong leasing interest even prior to closing.”
The property at 10631 Banana Avenue includes 4.00 acres of land and a 2,195-square-foot office. The property is leased to McGrath RentCorp. The company manages a portfolio of business-to-business rental companies serving the telecommunications, construction, education industries.
The property is located within the Southwest Industrial Park, in close proximity to I-15 and I-10.
Upon acquisition, IOV will complete a series of capital improvements designed to refresh the property. The improvements include yard resurfacing and general clean-up of fencing, screening and landscaping, as necessary.
The second property, located at 545-615 Main Street, is comprised of two buildings, a 10,795-square-foot warehouse and a 5,000-square-foot shop and office, on 1.81 paved acres. It is located three miles from Ontario International Airport and two miles from I-10.
IOV will complete a standard package of "make ready" improvements to the warehouses and yard space to further enhance the marketing appeal of the property. Among the improvements that are expected to be completed include new vinyl coated fencing and gates, a new concrete floor slab in the warehouse building and a resurfacing of the yard area. Additionally, the property will be upgraded with new paint, carpeting and lighting, and a variety of other improvements.
The property will be marketed for lease by Ryan Campbell of NAI Capital. Targeted users include the equipment rental, bulk material storage and transportation industries.
Ryan Campbell with NAI Capital represented IOV in the acquisition. The seller was represented by Richard Lee with NAI Capital.http://www.industrialoutdoor.com/