The investment
The opportunity.
A 44,387-square-foot industrial park with 20 small-bay units, acquired with a business plan to modernize the property and reposition the rent roll through renovation and selective re-tenanting.
Purchase and renovation of a 44,387 square foot multi-tenant industrial park in Paramount, California. The property consists of 20 rental units across two buildings with an average unit size of approximately 2,200 square feet.
The property was developed in the early 1970's and had been owned and operated by the same family since inception. The Paramount property had been under invested in to in recent years and was in need of significant capital improvements to modernize the assets.
Del Rio's business plan includes full common area and unit upgrades as well selectively re-tenanting the property in order to bring unit rents to market.
Del Rio delivered significant pickup in leasing activity upon its speculative renovation of the property's lone vacant unit. Del Rio will continue to deliver like new improvements for units as they turnover in order to capture best in class tenants for the business park.
The business plan
Upgrade common areas and individual units, selectively re-tenant the property, and bring unit rents to market as spaces turn over.
Investment highlights
- 44,387 square feet
- 20 rental units across two buildings
- Approximately 2,200 square feet per unit
- Common-area and unit modernization