Manhattan West Real Estate, a division of Manhattan West, a Los Angeles-based global strategic investment firm offering an integrated platform of investments and services, announced today the $16.5 million acquisition of Talbert-Mount Washington Industrial Park, a two-building multi-tenant industrial asset totaling 59,754 square feet (sf) in Fountain Valley, CA. The property is situated on 2.9 acres and includes 18071 MT Washington Street, a 28,754-sf building, and 11190-11240 Talbert Avenue, a 31,000-sf building.
Talbert-Mount Washington Industrial Park is fully occupied by six quality tenants including OC Art & Home, Harwood Galleria, The Drawer Shop, and RADCO, a twining company. Both freestanding buildings are two-stories and feature large outdoor storage yards, 18’ to 23’ clear heights, fire protection, oversized ground-level doors, and HVAC. The property also includes 113 parking spaces.
“This asset’s diversified tenant mix from a use perspective, and staggered lease expirations provide Manhattan West with the opportunity to capitalize on a mark-to-market investment strategy in a supply-constrained Orange County industrial submarket. This region has seen dynamic rent growth over the last two years to the tune of approximately 20% year-over-year. In addition, the presence of both local and national credit tenants in the property’s wholesale, showroom and manufacturing spaces provide Manhattan West and its investors an intriguing hedge against a potential economic downtown,” said Adam Norvell, managing director of real estate at Manhattan West.
The property features a unique location that is proximate to residential and commercial density which keeps the property busy throughout the day and well into the evening. Additionally, it is adjacent to The Shoppes at Costco Plaza, one of Fountain Valley’s largest shopping centers, and provides excellent access to the 405 and 55 freeways and SR-73.
Manhattan West was represented by Joseph Harmon and Charles Johnson of Daum Commercial Real Estate Services. The seller, DDK Investments Ltd, who has owned the property for several decades, was represented by Devin Ray and Mike Barreiro of Daum Commercial Real Estate Services.
About Manhattan West Real Estate
Manhattan West Real Estate is a community-focused real estate group 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 core plus assets.
