36th Street Partners Acquires Value-Add Multi-Tenant Industrial Asset near Ontario International Airport
36th Street Partners announces today it has acquired a 17,360-square-foot (sf) multi-tenant industrial property located at 1804 to 1828 E. Elma Court in Ontario, Calif. for $3.48 million.
Built in 1982 and situated on a 1.3-acre parcel that is zoned for light industrial use, the property includes 13 units that are 100% occupied with tenants using the spaces for office and warehouse purposes.
“We saw this asset as an ideal opportunity to create value by renovating units upon lease expiration and bringing rents to market rates,” said Adam Norvell, Founder & Managing Partner of 36th Street Partners. “The property is in a coveted infill Inland Empire West location just north of Ontario International Airport with little to no new comparable product nearby due to it being cost-prohibitive. If anything, supply is decreasing as institutional groups are demolishing these smaller industrial buildings to developer larger single-tenant product.”
He noted that the property also has a condominium map in place, providing the ability to sell the units individually to small users as one potential exit strategy.
36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office focused on real estate, media, entertainment and technology opportunities. Brian Tressen of Martin Associates represented 36th Street Partners in the transaction. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.
36th Street Partners is actively pursuing value-add industrial and IOS acquisitions in Southern California, ideally targeting assets valued at $10 million or more.
Norvell added, “The investment landscape will be very attractive for new acquisitions over the next 12 to 24 months. Pricing has adjusted significantly, and deals are starting to make sense in this higher interest rate environment. In particular, we see potential for strong rent growth in Los Angeles and Orange County infill markets given lack of new supply.”
About 36th Street Partners
36th Street Partners is a Los Angeles-based opportunistic real estate development company founded in 2012. The company achieves superior risk-adjusted returns through an overly thoughtful approach to development and proven operational experience of more than 125 deals across various product types and strategies. Investors with 36th Street Partners benefit from a focus on industrial properties in Southern California and leadership with institutional sponsor experience and local expertise, enabling the navigation of market dynamics and delivering of reliable outcomes.
About JW Capital
JW Capital is a Los Angeles-based family office driven by an entrepreneurial spirit and a passion for innovative opportunities in real estate, technology, media and entertainment. The team is committed to providing more than just capital to an investment. JW Capital offers insightful partnerships, industry connections and a commitment to building lasting value.
