In July 2019, CenterSquare Value-Added Fund IV and its JV partner, CapRock Partners, acquired 2009 Raymer, an industrial facility on an infill site within the North Orange County submarket in Southern California. The Property was a 126,413 square foot industrial facility with 22’-24’ clear heights and heavy power that was 100% leased to two tenants. The location was attractive to CenterSquare due in part to the 1% vacancy in North Orange County and our forecast for considerable continued demand. The prior property owner chose not to make necessary upgrades, creating a significant opportunity for the Partnership to execute a value-added strategy and re-tenant the property.
