36th Street Partners Acquires Ontario Industrial with Value-Add Potential02.29.2024 36th Street Partners acquired a 17,360-square-foot multi-tenant industrial property located at 1804 to 1828 E. Elma Court in Ontario for $3.48 million. Its equity partner on the deal is JW Capital, a Los Angeles-based family office.
Built in 1982 and situated on a 1.3-acre parcel that is zoned for light industrial use, the property includes 13 units that are 100% occupied, with tenants using the spaces for office and warehouse purposes. “We saw this asset as an ideal opportunity to create value by renovating units upon lease expiration and bringing rents to market rates,” said Adam Norvell, founder & managing partner of 36th Street Partners. “The property is in a coveted infill Inland Empire West location just north of Ontario International Airport with little to no new comparable product nearby due to it being cost-prohibitive. If anything, supply is decreasing as institutional groups are demolishing these smaller industrial buildings to developer larger single-tenant product.” Brian Tressen of Martin Associates represented 36th Street Partners in the acquisition. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.
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