LOS ANGELES–(BUSINESS WIRE)–Manhattan West, a global strategic investment firm offering an integrated platform of investments and services, announced today that the Manhattan West Private Equity Fund completed its growth equity investment in Vino Vault and is now its largest shareholder.

Following five successful acquisitions, and the hiring of Jeff Smith as Chief Wine Officer, Vino Vault will leverage Manhattan West’s investment to continue capitalizing on the highly-fragmented wine storage market. Vino Vault offers a comprehensive wine storage network for general enthusiasts and serious collectors, providing a full suite of services, including concierge-style wine storage, expert inventory organization, collection analysis and turnkey auction management services.

“As our physical presence expands across the country, our goal is to become the nation’s leading wine storage and value-added ancillary services provider,” said Jeff Anthony, President and CEO at Vino Vault. “The funding and intellectual capital we’ve gained from Manhattan West will help us redefine the way people think about and manage their wine collections. Manhattan West’s expertise in serving high-net-worth individuals and families, in addition to its familiarity and experience in our industry, is critical in driving us toward our mission to make wine collecting simple, enjoyable, and hassle-free.”

Vino Vault has locations in Los Angeles, New York City, and Dallas and, through its acquisition-based growth strategy, the company has been growing its network at a rapid pace. Vino Vault recently acquired La Cave Warehouse in February 2022, the New York Wine Storage Company in January 2022, and expects to announce new acquisitions soon. With an objective of having a presence in every major market in the world, Vino Vault’s latest capital infusion, advised by Fluential Partners, will enable the penetration of new markets across the US, as well as identify new opportunities in Europe. Additionally, the company plans to deploy capital toward building best-in-class technology offering a seamless user experience to all clients globally.

“Vino Vault has grown substantially and recent momentum shows a clear capability to establish themselves as a dominant player in the wine market,” said Matt Gibbons, Managing Director and Portfolio Manager of the Manhattan West Private Equity Fund. “At Manhattan West, we strive to help our partners drive exponential growth, and we are confident that Vino Vault’s scalable and profitable business model combined with their highly skilled leadership team will allow us to do just that. Manhattan West is thrilled to empower Jeff and his team as they identify and execute on strategic opportunities to continue their hyper growth trajectory.”

The Manhattan West Private Equity Fund is an active value-add investor in lower middle market companies focused in the media, entertainment, sports, and consumer sectors. The Fund is currently open to new investors with plans to close later this year.

About Vino Vault

Vino Vault is a comprehensive wine storage network that allows clients to manage collections on a modern inventory platform offering comprehensive inventory data, tasting notes, and drinkability recommendations, along with market valuations for insurance and auctions consideration. Vino Vault exists to make wine collecting simple, enjoyable and hassle-free. Learn more at vinovaultwine.com.

Real estate investment firms secure rare value-add multi-tenant industrial warehouse asset in supply-constrained Southern California San Gabriel Valley submarket

SAN DIMAS, Calif. – May 10, 2022 – RanchHarbor, a real estate investment firm based in Newport Beach, Calif., and Manhattan West, a fully integrated real estate investment and management firm based in Los Angeles, announce their joint venture (JV) partnership in the acquisition of a five-acre multi-tenant industrial warehouse property in San Dimas, Calif. The value-add asset includes four individual buildings encompassing 91,000 total rentable square feet across 44 individual suites. The JV purchased the property 98% occupied, substantially below replacement cost and at an attractive basis through an off-market transaction from a private seller. Terms of the deal are not disclosed.

“The San Dimas investment represents a unique opportunity to purchase a multi-tenant industrial asset in a desirable and highly supply-constrained San Gabriel Valley submarket well below replacement cost,” said John Meek, managing principal at RanchHarbor. “With little to no new construction of small-bay industrial product in the submarket, this specific type of multi-tenant product is cost-prohibitive to build in many parts of the Los Angeles Basin due to the lack of available developable land, rapidly increasing land values and high construction costs. RanchHarbor is excited to have secured the asset with Manhattan West and we look forward to executing on another well-thought-out business plan with their team.”

The San Dimas property’s four concrete tilt-up structures feature 14-foot to 18-foot clear height and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005 and has a 10‐year historical average occupancy of 95%. The JV’s business plan is to perform deferred maintenance and capital improvements to the property including “white boxing” to improve its marketability.

The asset is located in Greater Los Angeles in East San Gabriel Valley at 221-299 Allen Avenue and 906-924 Cataract Avenue. Positioned along the south side of the 210 freeway at the San Dimas Avenue exit, the property offers freeway identity and efficient connectivity to major transportation thoroughfares. It is less than a mile to the 57/210 freeway interchange and is accessible to the I-10, I-605 and I-15 freeways.

According to Costar, the East San Gabriel Valley industrial submarket’s vacancy is less than 1%, as of Q1 2022, and availabilities are more limited than in many other industrial locations in L.A. County. The direct availability rate is 1.5% compared to 2.6% at the metro level.

“San Dimas and the San Gabriel Valley are experiencing decreasing supply of small-bay industrial product due to up-zoning of industrial land and older industrial buildings being redeveloped for larger distribution assets,” said Adam Norvell, managing director of real estate at Manhattan West. “The area’s lack of new construction and long‐term redevelopment trends combined with strong demand for small‐bay space provides a favorable occupancy outlook for the San Dimas investment. Manhattan West is pleased to partner with RanchHarbor’s knowledgeable team again after the success of our previous L.A County value-add investment.”

The San Dimas investment is RanchHarbor and Manhattan West’s second JV partnership. The two firms recently completed the renovation and lease up of a 18,000-square-foot value-add industrial property in Signal Hill, Calif. The property is currently being marketed for sale.

The San Dimas transaction was facilitated by Lee & Associates with the JV represented by Jack Haley and the seller represented by Todd Launchbaugh and Justin Leewood.

This investment marks RanchHarbor’s ninth acquisition since the firm’s launch in 2020, and the first investment in RanchHarbor Fund I, a $25 million fund targeting value-add real estate investments. With more than $140 million in assets currently under management, RanchHarbor continues to pursue value-add general partner (GP) and limited partner (LP) real estate investment opportunities in select U.S. markets with targeted equity commitments between $3 million and $10 million. RanchHarbor recently expanded its reach to the eastern U.S. with the acquisition of RV Storage Depot, a 55-acre recreational vehicle and boat storage facility in Altamonte Springs, Fla.  

Since 2019, Manhattan West has invested in four separate industrial assets, totaling over 145,000 square feet in Southern California. In addition, the firm has acquired over 150 multifamily units in Los Angeles and is in the process of entitling over 200 units for ground-up development.  The firm is actively seeking value-add and opportunistic industrial and multifamily investment opportunities in major western U.S. markets, with a focus on Los Angeles. 

ABOUT RANCHHARBOR

RanchHarbor is an integrated real estate investment firm based in Newport Beach, Calif., focused on investing in sub-institutional value-add opportunities. RanchHarbor offers joint venture equity and general partner co-invest equity, targeting commercial and multifamily real estate investments between $2 million and $15 million in select U.S. markets. The firm also provides sophisticated asset management, capital advisory and receivership services to institutional and private investors, asset owners and operators. Since its founding in 2020, RanchHarbor has closed on nine investments exceeding $100 million in total AUM across five states.  For more information, visit ranchharbor.com. Follow the company on LinkedIn.

ABOUT MANHATTAN WEST REAL ESTATE

The Manhattan West Real Estate Group is a community-focused real estate team uniquely positioned as an owner, operator and manager of multifamily and industrial properties and has sought to add value to the communities it operates in and positively impact the tenants and residents of its buildings. Since inception, the group has focused on targeting value-add and opportunistic assets.