El SEGUNDO, CALIF. — Ocean West Capital Partners, an investment firm based in the Los Angeles suburb of El Segundo, has acquired five industrial properties totaling roughly 1.8 million square feet in California’s Inland Empire. The sellers were not disclosed. The sales price was approximately $100 million.
The acquisition includes a portfolio of four industrial outdoor storage (IOS) sites that total 921,729 square feet across 21.2 acres in the Inland Empire’s San Bernardino and Fontana submarkets. The facilities were all delivered this year and feature concrete pavement, new fencing and lighting and a combined 604 total trailer stalls.
All four of the properties recently received the necessary permits and approvals from the municipalities in which they are located to allow for outdoor storage uses, including trailer storage use. Each of the facilities is currently available for lease. The seller was not disclosed.
Additionally, Ocean West acquired an advanced manufacturing facility totaling 908,000 square feet in Hanford. The facility, which was purchased off-market, houses the headquarters of luxury electric vehicle manufacturer Faraday Future, which recently upgraded the property and will continue to lease the space.
“The Inland Empire is one of the most sought-after markets within the IOS sector given the limited available supply and proximity to major logistics users and the ports of Los Angeles and Long Beach,” says Ryan Tucker, principal at Ocean West. “The acquisition of this portfolio aligns perfectly with Ocean West’s belief in the long-term growth fundamentals of the industrial sector.”
— Taylor Williams