NEWPORT BEACH, Calif., Oct. 31, 2023 /PRNewswire/ — Cress Capital and Brasa Capital Management are pleased to announce the acquisition of a three-building, multi-tenant industrial property in Baldwin Park, located within the San Gabriel Valley of Los Angeles County.
Built in 1989, the 122,904 square-foot property features 14 tenants, including long-term occupants Home Depot and Goodman Distribution, and was 100% occupied at closing. Immediate access to one of the densest population centers in the country combined with attractive physical attributes make the project an ideal location for a wide range of companies.
“The property stands out as unique small-bay product in an under-supplied market,” said Cress Managing Partner Ryan Parkin. “This acquisition underscores Cress’ commitment to identifying attractive opportunities despite challenging market conditions.”
Matt Milich, Director of Brasa Capital Management, added, “We are thrilled to partner with Cress on this strategic acquisition, aligning with our investment philosophy of targeting assets with long-term growth potential.”
Michael Kendall, Gian Bruno and Kenny Patricia of Colliers represented the seller in the transaction. Jeff Sause of JLL represented the buyer in its financing.
ABOUT CRESS CAPITAL
Formed in 2012 and headquartered in Newport Beach, CA, Cress Capital is a multi-strategy commercial real estate operator, manager and investor. Cress focuses on investments and developments in the Western U.S. across the industrial and office sectors. Cress also manages an Opportunity Zone investment business, capitalizing projects in designated Opportunity Zones across the U.S. At its core, Cress believes that superior risk-adjusted returns are achieved by acquiring mispriced assets, adding value through repositioning and development, and knowing when to sell. For more information, visit www.cresscapital.com.
ABOUT BRASA CAPITAL MANAGEMENT
Brasa Capital Management is a real estate investment manager based in Los Angeles, CA. The Firm targets middle-market commercial real estate investments with local operating partners in the Western US and Texas. Brasa invests in diversified asset types across the capital stack and manages both discretionary commingled funds and separate accounts on behalf of institutional and high net-worth investors. For more information, visit www.brasacap.com.
SOURCE Cress Capital
Originally published at https://www.prnewswire.com/news-releases/cress-capital-and-brasa-capital-management-acquire-122-904-sq-ft-industrial-property-in-los-angeles-county-301972288.html
Images courtesy of https://pixabay.com