Los Angeles, CA (June 30, 2015)- Circle Industrial, a real estate private equity firm based in Los Angeles, has acquired an industrial property in the Corona/Riverside sub-market within the Inland Empire of Southern California. The property consists of 14 multi-tenant industrial buildings totaling 317,512 square feet on 18 acres with immediate access to the 91, 15 and 215 freeways.
The property, located at 12155 Magnolia Ave, has low site coverage providing good truck access and car parking for tenants. The asset was acquired below replacement cost at 55% occupancy. Circle Industrial plans to complete cosmetic and functional upgrades and increase value through pro-active management and leasing. Circle Industrial was represented by Mike Barreiro of Daum Commercial in the acquisition and the property is currently marketed for lease by Toby Tewell, Matt Rossman and Justin Null of Lee & Associates.
Circle Industrial is a real estate private equity firm focused on the acquisition, development and operation of industrial properties in strategic U.S. markets. Circle Industrial is led by executives Pat Maloney and Eric Omohundro, who have been working and investing together for years at Circle Industrial and previously at Prologis (NYSE: PLD). www.circle-industrial.com