SEAL BEACH, Calif., Nov. 2, 2023 /PRNewswire/ — Harbor Associates, LLC (“Harbor”) has acquired 5801 and 5807 Van Allen in a joint venture with F&F Capital Group (“F&F”) in an all cash off-market transaction. Harbor and F&F bought the industrial portfolio for $21,250,000 ($208/sf). Dennis Visser and Matt Pourcho of CBRE advised the seller.
5801-5807 Van Allen Way is a 102,360 SF industrial portfolio located in the Carlsbad Research Center in Carlsbad, CA. The sale included a leaseback with the seller at 5807 Van Allen Way and Harbor will market 5801 Van Allen Way to traditional industrial and life science users. The property is Carlsbad’s newest industrial building built in 2021 and includes passive solar cooling with operable windows, two dock high doors and three grade doors along with prominent street frontage along Faraday Avenue.
Rich McEvoy, Principal for Harbor, states, “Carlsbad Research Center is the pre-eminent location in North San Diego for Fortune 500 users and these buildings are well suited to meet the market needs”.
Justin Loiacono, Principal for Harbor, comments, “The opportunity to acquire a new class A industrial asset off-market in a prime location within the Carlsbad Research Center is rare. While current capital market conditions are choppy, Harbor is finding compelling opportunities, and we have a pipeline of other industrial acquisitions that will be closing soon”.
Jeff Frieden, co-founder of Auction.com and Ten-X Commercial, added “F&F Capital is thrilled to partner with Harbor Associates on the acquisition and continue to grow our nationwide multi-billion-dollar real estate portfolio”.
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. Harbor has been involved in the renovation, repositioning and development of 36 commercial projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
About F&F Capital Group:
With a commercial real estate portfolio in excess of $2.4 billion and growing, F&F Capital Group has a team of real estate professionals and acquisition specialists that work within the retail, office, hospitality, industrial, multifamily, student housing and self-storage sectors. The team is also an active buyer of distressed commercial real estate debt with expertise in CMBS and mezzanine debt. F&F boasts proven methods of real estate investment. Supported by state-of-the-art technology, carefully curated partnerships and unrivaled industry information access, F&F is leading real estate investment into the 21st century. Visit www.ffcapitalgroup.com for more information.
Disclaimer: All information herein is related to general business information and is intended for informational purposes only. Actual events are difficult to predict, are beyond our control and may differ from those assumed. There can be no assurance that forward-looking statements will materialize. Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. In addition, nothing herein constitutes investment advice.
Contact: Justin Loiacono
Email: [email protected]
SOURCE Harbor Associates
Originally published at https://www.prnewswire.com/news-releases/harbor-associates-and-ff-capital-buy-off-market-industrial-portfolio-301975410.html
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