BUENA PARK, CA-Dunbar Real Estate Investment Management has purchased a 23,701-square-foot industrial building at 6291 Burnham Ave. here for an amount undisclosed to GlobeSt.com. The seller, which Dunbar also declined to name, was the user of half of the asset and sold it in a sale-leaseback transaction to create liquidity and pay down debt, Dunbar's president Ross Mitchell tells GlobeSt.com.
Brian Corrigan of Voit Real Estate Services handled both sides of the transaction, which marks Dunbar's 11th acquisition over the past two years. Eight of these, including this most recent one, have been completed on an all-cash basis.
Dunbar plans to invest additional capital into the property immediately to reposition it with dock-high loading, among other improvements. The building was constructed in 1981, has an 18-ft. clear height, five grade doors, a secured yard and freeway frontage and visibility on the I-5 freeway. Mitchell says the property consists of two units, the first one 13,134 square feet and the other 10,567 square feet.
The transaction closed in 21 days. Dunbar is aggressively seeking value-add investment opportunities in Southern California and Phoenix.
As GlobeSt.com reported in June, Dunbaracquired an industrial building in Fullerton for $1.04 million or $98.79 per square foot, closing the transaction in 20 days, all cash. The fully leased building offers modern and functional amenities and is located in a business park with favorable freeway access.
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