September 23, 2015
Cress Capital, which has been buying up properties around Southern California as of late, just purchased an industrial site the Inland Empire city of Perris.
The Newport Beach-based firm bought the 30-acre parcel, which has two buildings totaling 330,000 square feet, with joint-venture partner PacVentures. The entire site purchased by Cress Capital and PacVentures is at 3411 N. Perris Blvd. Financing for the deal was arranged by HFF.
Cress Capital’s purchase was part of its strategy to obtain off-market assets and gain strong risk-adjusted returns, said Ryan Parkin, a managing partner with the firm. Among the types of assets the firm is looking to purchase in Southern California are net-leased industrial and office buildings.