CITY OF INDUSTRY, CA-Lincoln Property Co. has acquired an industrial park of nearly 158,000 sf from a joint venture of Master Development Corp. and GE Capital Real Estate for $21 million. The property was 100% leased at the time of the sale but was empty when Master Development Corp. bought it for $14.8 million a year ago.
Master Development had owned the business park, which consists of five multi-tenant buildings and two single tenant buildings at 13668 Valley Blvd., since August 2005. MDC's business plan called for leasing the buildings as soon as possible and then to "evaluate sale options upon stabilization," explains Bryan Bentrott, EVP of MDC.
The property's listing team of Michael Ross, Thomas Taylor, Steven Belletti and Fred Cordova of Colliers International executed 13 leases in 12 months to fill the park. The Colliers team also represented the seller, MDC Industry LLC, in the sale to Lincoln.
Lincoln Property acquired the asset through its advisory affiliate Lincoln Advisory Group. Lincoln was represented by Ross, Taylor, Belletti and Cordova.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
