Real estate investment manager TH Real Estate Mike has purchased a 130,474-square-foot, three-building industrial portfolio in Corona, California, from a private investor for $19.6 million, according to a release from a representative of Voit Real Estate Services. The release says the three properties are located at 1467 and 1468 Davril Circle and 1461 Railroad Street.
Mike Hefner, EVP in Voit’s Anaheim, California, office, represented both parties in the transaction, the source reports.
Hefner is quoted in the statement as saying, “All three buildings are occupied under a long-term lease by Thoro Packaging and serve as the corporate headquarters, manufacturing, and distribution facilities for the Corona-based packaging company, a wholly owned subsidiary of Autajon, a French owned company with over 4,200 employees and 36 subsidiaries worldwide.”
Hefner adds that TH Real Estate is one of the largest institutional owners of Southern California industrial real estate with an existing portfolio of 16.2 million square feet and that the firm intends to hold the buildings as a long-term investment.
As SoCal Real Estate recently reported, TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA) purchased The Yard, a 60,518-square-foot repurposed creative-office building at 5825 Oberlin Drive in the Sorrento Mesa submarket of San Diego, from a joint venture between Locale Advisors and Long Wharf Capital, according to a release from a representative of Cushman & Wakefield. The release said the sale price was $24.825 million, equating to $410 per square foot.
Shortly before that, as we also reported, the firm purchased 10222 Barnes Canyon, an 81,976-square-foot, two-story, class-A life-sciences building Sorrento Mesa, from Bollert | LeBeau for $43.2 million, according to a release from a representative of JLL. The statement said the property is fully leased to Invivoscribe Technologies and Crinetics Pharmaceuticals.