THE MAGELLAN GROUP ACQUIRES 400,000-SQUARE-FOOT INLAND EMPIRE INDUST. PROP.

RIVERSIDE, CALIF. — The Magellan Group has acquired two industrial buildings totaling 400,000 square feet within the Hunter Business Park in Riverside. Part of a 31-acre, three-parcel joint-venture purchase involving the firm’s Magellan Industrial Fund and an investment fund managed by Penwood Real Estate Investment Management, the 300,000-square-foot former Lily-Tulip Cup manufacturing plant, located at 800 Iowa Ave., will undergo both interior and exterior improvements, including new landscaping. A 100,000-square-foot industrial building occupied by Ancon Marine and a 1.75-acre land parcel at the corner of Iowa and Palmyrita avenues completed the deal. The joint venture acquired title to the properties following its purchase of an underlying mortgage note held by Far East National Bank. Terms of the sale were not disclosed.