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The five-year fund has a preferred return of 9% to 10%, and a target return of 11% to 13% annualized net of fees and expenses.

The 67,219-square-foot four-story office building at 1717 Newtown Langhorne Road was acquired by a locally-based operator of quick-serve restaurants, which will relocate its corporate headquarters and occupy approximately 13,000 square feet of office space at the property.

Interra Realty, which brokered the transaction, reports the 150 Fullerton property sold for approximately $10.6 million, which registered at $425,400 per unit.

The project at 100 Ridge Road was a former Union Carbide operated site for nearly 80 years and employed thousands of employees at its pinnacle.

A 2-acre Worldcenter site and a five-building retail portfolio are up for sale.

Prologis chairman/CEO Hamid Moghadam says markets remain healthy, driven by customers who are prioritizing proximity to consumers to offset supply chain costs such as labor and transportation.

Supply-constrained West Coast markets continue to add jobs and grow incomes at a sufficient pace to maintain market rent growth near long-term averages, says Michael Schall, Essex president/CEO.

Lender LoanCore Capital provided a $167 million loan for the 21-story mixed-use office property.