SAN BERNARDINO, CALIF. — A joint venture between Dallas-based Behringer Harvard and Aliso Viejo, Calif.-based CT Realty Investors has completed its third acquisition. The joint venture purchased four buildings within Interchange Business Center in San Bernardino. The properties are situated on 41 acres and contain a total of more than 800,000 square feet of warehouse and distribution space. Occupancy was 29 percent at the time of the sale.
“Interchange Business Center provided us with an attractive opportunity to capitalize on current market stress by acquiring Class A industrial space in a recovering market at a significant discount to replacement cost,” said Samuel Gillespie, COO of Behringer Harvard Opportunity REIT II, in a statement. “With its strong Inland Empire location and superior quality of construction, we believe this property offers strong upside.”
Earlier this year, the joint venture acquired Archibald Business Center, a 231,000-square-foot property located in Ontario, Calif. Recently, the joint venture partnered with two other parties to acquire El Cajon Distribution Center, a 1.4 million-square-foot property located in El Cajon, Calif.
— Coleman Wood