It is unusual to be able to identify such well-located assets for sale on an off-market basis.
Los Angeles, California (PRWEB) July 25, 2012
An affiliate of Cohen Asset Management, Airpark Industrial LLC, acquired a prime industrial building within the Fullerton Airpark Industrial Park, located in the North Orange County submarket of Fullerton, California. Within minutes from the intersection of the I-5 and I-91 Freeways, the property provides easy access to several Southern California areas, making this infill location a premier choice for industry looking to service the Southern California market.
The building is 100% leased on a long-term basis to W S Packaging Group, Inc. and Wisconsin Label Corporation, providing Cohen Asset Management and its investors with substantial cash returns from the inception of ownership, projected to grow significantly via contractual annual rental escalations. Cohen created additional value during escrow by successfully restructuring the lease on an absolute net basis with the tenant. The investment was sourced on an off-market basis reflective of the depth of Cohen’s relationships and an acquisition style that Cohen has excelled at in the past. The acquisition of the property continues Cohen’s track record of sourcing opportunities through its bi-coastal offices while furthering its standing as a national operator with local presence and close broker relationships. With the Fullerton property, Cohen Asset Management and its affiliates has made a total of 49 property acquisitions in Southern California.
“It is unusual to be able to identify such well-located assets for sale on an off-market basis. We are very pleased to have identified this industrial opportunity that will provide our investors immediate and annually escalating inflation-protected cash flow from a credit tenant for the next fifteen years” commented Brandon Delf, CIO and Executive Vice President of Cohen Asset Management. This transaction is in line with Cohen’s value-add strategy in industrial real estate pursued on behalf of its select client base which targets high quality, infill located property in select major markets in the U.S. Cohen places an emphasis on properties populated with credit tenants with leases that have rolled during the past three years providing immediate cash flow and allowing Cohen to utilize its operational expertise to position the properties to benefit from anticipated market recoveries.
About Cohen Asset Management
Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. The firm’s relationships extend to high net worth individuals and institutional investors. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.