Dunleer Acquires Two Industrial Outdoor Storage Yards in Southern California for $13MM 

Dunleer, Orange County, Los Angeles, Santa Ana, INCO Commercial, JLL

Los Angeles, CA, June 15, 2022 – Dunleer, a Los Angeles-based private real estate investment and development firm, today announced it has acquired two Industrial Outdoor Storage (IOS) properties totaling approximately $13 million. The properties are located at 4404 W 1st Street in Santa Ana (Orange County) and 10027 Artesia Boulevard in Bellflower (Los Angeles County).

Dunleer plans on aggressively adding to its portfolio of IOS assets over the next 18 months in key Western U.S. infill locations.

“Dunleer is bullish on IOS assets for a number of reasons,” said BJ Turner, Founder of Dunleer. “IOS is mission-critical real estate for a wide variety of tenants, meaning it is an irreplaceable part of a company’s business model. They are also generally easy to manage and lease, and are a solid source of revenue with higher average cap rates compared to distribution centers. We are seeing more and more interest from a range of investors and users as there is no realistic path to replenishing the supply of this asset class as competing sites often get developed or rezoned.”

“Both of these assets are located in extremely tight infill markets and we expect to attract a strong amount of demand from a wide variety of users including transportation, e-commerce, construction, construction materials and utility industries,” Turner added.

Following is information on each property:

4404 W 1st Street in Santa Ana is a 2.73-acre outdoor storage yard that includes one 3,826 sf office/industrial building. Dunleer paid $8.61 million for the asset. It is located in a key infill industrial location serving Orange County and is proximate to major distribution corridors or nodes such as I-5, I-405, CA-55, CA-22, John Wayne Airport. Dunleer has now commenced site improvements including clean up, re-paving and other capital improvements that will attract a new user. Dunleer was represented by Chad Solomon of Jones Lang LaSalle (JLL).

10027 Artesia Boulevard in Bellflower is a 1.07-acre outdoor storage yard that includes improvements totaling 3,792 sf. Dunleer paid $4.15 million for the asset. The site is currently occupied by a pipe and steel fabrication user who will be leasing back the site for six months. The property is located in a key infill “Mid Counties” location serving Los Angeles and Orange County and is proximate to seven major distribution corridors or nodes such as I-5, I-405, I-605, I-105, I-710, CA-19, and CA-91. Dunleer plans to pre-lease the site to another outdoor storage user once the site is available and will perform both functional and cosmetic renovations to enhance the marketability of the site for lease. Both the buyer and seller were represented by John Rendon of INCO Commercial.

About Dunleer, LLC: Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.