A joint venture between Behringer Harvard and CT Realty Investors finalized the acquisition of the Interchange Business Center in San Bernardino, CA for $30 million according to National Real Estate Investor. The property is part of the Inland Empire industrial market in the easter portion of greater Los Angeles and was sold by IBS Industrial Properties LLC. Built in 2007, the four-building complex is currently 29% leased with major tenants including FTDI Supply Chain Management and Genco.
"Interchange Business Center provided us with an attractive opportunity to capitalize on current market stress by acquiring Class-A industrial space in a recovering market at a significant discount to replacement cost," said Samuel Gillespie, Chief Operating Officer of Behringer Harvard Opportunity REIT II, a non-traded real estate investment trust. Mr. Carter Ewing, Executive Vice President of CT Realty Investors, added, "This acquisition complements our growing portfolio of Inland Empire industrial properties and speaks to our ability to source compelling off-market opportunities."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment