Investment Highlights
- Intriguing Redevelopment Potential: The 5.29-acre site can support between 100 and 130 for sale townhomes.
- An Undersupplied Housing Market: The City of Walnut up-zoned specific areas within the city to meet their Regional Housing Needs Allocation requirements to add nearly 1,300 new housing units by 2029
- Excellent Housing Fundamentals: Walnut has repeatedly been recognized on the list of "Best Places to Live" by CNN Money, has some of the strongest demographics in Southern California ($160,167
- Value-Add Small Bay Industrial Opportunity: Rents at the subject Property are ±25% below market. An investor has the exceptional opportunity to mark-to-market rents while executing longer-term leases with existing or new tenants. There is additional upside with the lease-up of the three available suites totaling approximately 4.9% of the net rentable area.
- Strong Industrial Fundamentals: The Walnut/City of Industry submarket witnessed 1.4M square feet of positive net absorption in the last year, significantly outperforming the Greater Los Angeles region. With no new small bay product under construction, the Property will continue to witness robust rent growth.
- Abundant Cash Flow with Diverse Tenant Mix: The Myles Business Park is 95.1% occupied to a diverse mix of 34 tenants with uses ranging from logistics, technology, studio, engineering, home building, and a variety of others.
- Attractive Unit Sizes & Functionality: The Property has 39 units and an average of 2,281 square foot suites providing a diverse mix of suite sizes allowing tenants to grow into larger footprints over time. The suites range from 1,128 – 3,322 square feet (37 units) with one 20,617 square foot mid-bay building (20720 Carrey Road comprising of a ±16,000 SF and ±4,000 SF suite).
- Condo Map Strategy: There is significant upside potential with executing a condo map sell down strategy. Nearby business parks that have pursued similar strategies have sold units of similar size and vintage upwards of $550 per square foot.
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Myles Business Park
