Oak Park Investments Acquires Distribution Facility in Corona, California
LOS ANGELES – Oak Park Investments, a Los Angeles-based commercial real estate investment firm, announced today its acquisition of a 223,801-square-foot Class A distribution facility located at 1851 California Ave. in Corona, California. Oak Park Investments acquired the property in a partnership with Walker & Dunlop Investment Partners.
“Oak Park Investments is proud to add to our growing portfolio of properties in the western United States with this acquisition of a prominent asset within the Corona submarket” said Ori Doron, Oak Park Investments Co-Founder and Principal. “We look forward to working with the tenant during their leaseback while positioning the building to attract a new user for the first time since it was built.”
Situated on over 10 acres, the building features 2,000 amps of power, 28- to 32-foot clear heights, 100% HVAC coverage, 197 parking stalls, and a fully secured concrete truck court. The site offers direct visibility from Interstate 15 and immediate access to the Interstate 15 and State Route 91 interchange, positioning it within reach of more than 14 million people in a 50-mile radius.
According to CBRE research, Corona ranks among the Inland Empire’s top-performing industrial submarkets, with one of the lowest vacancy rates in the region, 5.8%. Currently, there is no industrial product under construction in Corona. Brian Cornell at Walker & Dunlop Investment Partners noted these market dynamics as a key factor in acquiring the building in partnership with Oak Park:
“While certain areas of the Inland Empire are grappling with elevated new supply and softness, the Corona submarket remains extremely healthy with no new product under construction or planning. We feel fortunate to buy an institutional-quality industrial asset today in what we believe will be amongst the best performing Southern California industrial submarkets for years to come.”
About Oak Park Investments: Oak Park Investments is a Los Angeles-based commercial real estate investment firm with a specialized focus on acquiring industrial and multifamily properties and growing a portfolio of assets in select target markets throughout the Western United States. Oak Park’s team brings 25+ years of real estate investment and management experience having acquired a diverse real estate portfolio totaling more than $700 million, consisting of industrial, multifamily, retail, office and hospitality assets.
About Walker & Dunlop Investment Partners: Walker & Dunlop Investment Partners (“WDIP”) is a real estate private equity firm which manages capital on behalf of endowments, foundations, pension plans, private funds, insurance companies, family offices and high net worth individuals. WDIP invests debt and equity capital in value-added, opportunistic, distressed, and special situation transactions through a series of private funds, joint ventures and separately managed accounts. WDIP is a wholly owned subsidiary of Walker & Dunlop, Inc. (NYSE: WD), one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
