Broadstone is growing its holdings in Southern California, recently acquiring several industrial buildings in San Jacinto. According to public documents, an entity linked to the New York-based real estate investment trust purchased the five-building property for $34 million, or approximately $176 per square foot, in a sale that closed in late November. The seller in the transaction was an entity affiliated with Industrial Opportunity Partners.
The buildings are located at 1320-1380 Buena Vista St. and total 193,252 square feet. Built between 1991 and 1997, the buildings are situated on approximately 11 acres. The property is currently occupied by Edelbrock Foundries, a producer of aluminum products.
Surrounding the property are several warehouse and manufacturing buildings as well as both single family and multifamily homes. State Route 74 is also just a short commute to the property, providing access to other parts of the Inland Empire.
The new owner of the property, Broadstone, has a portfolio spanning the United States and Canada. The company’s portfolio includes a mix of property types, including industrial as well as retail, office and more. In California, Broadstone’s portfolio includes 10 properties, and approximately 84 percent are industrial, according to most recent data from the company’s website.
The seller, Industrial Opportunity Partners was founded in Evanston, Ill. in 2005 and is an investor of middle-market industrial companies, according to information on the company’s website. Since its founding the company has invested in more than 25 industrial companies and has raised more than $1.5 billion in committed capital.
Industrial Opportunity Partners’ website shows the company has previously acquired Edelbrock Foundries through its IOP Fund I in 2010 before exiting in January of 2020.
