LOS ANGELES — The Magellan Group has recently closed on three acquisition and development transactions in Southern California. The company is also in escrow on a fourth investment that should close in May.
The transactions include the acquisition of a 14-acre site at 1869-2069 Massachusetts Ave. in Riverside for $6.5 million, and a 4.8-acre site at 5115 Azusa Canyon in Baldwin Park for $4 million.
The Riverside site currently contains a fully leased manufacturing building and yard area. Magellan plans to redevelop the property and add new industrial space as these leases expire over the next five years. The Baldwin Park site contains three buildings that total 70,000 square feet. They are currently leased on short-term bases. Magellan also plans to redevelop this site once the leases expire.
Construction will also commence next month on a building conversion in Duarte. Magellan purchased the building, which used to serve as the building site for the Tournament of Roses parade floats, in March 2013 for an undisclosed sum.
The building is located at the intersection of Buena Vista and Duarte Road. Magellan plans to convert the property into a 79,668-square-foot storage facility that will contain 728 units. The $10.6-million project is scheduled for completion next April. It will be managed by Magellan Storage.