The Bendetti Company, an Irvine, CA-based commercial real estate investment company, announced this week that it had acquired two industrial properties in California and Nevada. The first property, 65,000-square-foot Paramount Texaco Industrial Park in Paramount, CA, was 60% vacant at the time of acquisition; the second property, 200,000-square-foot, 130-unit Valley View Business Park in Las Vegas, had below-market rental rates and a lower occupancy than competing projects at inferior locations. Terms of the acquisitions or purchases prices were not disclosed.
"We own industrial properties in both regions, and were fortunate to have these opportunities presented to us before they went to market," said Robert Bendetti, president of the Bendetti Company, in a press release. "When you get a first look and the returns make sense, you have to demonstrate your ability to close quickly in what has become an extremely competitive buyers' market."
"These acquisitions are a huge commitment and take time and resources many institutional investors are not interested in undertaking," added Bendetti. "That is our niche. The opportunity to convert Value-Add projects into Core Plus investments does not arrive on our doorsteps every day. It takes strong broker relationships and a granular perspective of the market, plus the energy to commit resources. This is where we like to compete."
For more news and information visit Blumberg Partners.
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