Private Real Estate Investment Firm, Cohen Asset Management, Acquires 150,494-Square-foot Flex Property in El Segundo, CA
El Segundo, CA (PRWEB) August 13, 2008 -- Cohen Asset Management, a Los Angeles-based private real estate investment firm (http://www.cohenasset.com/company/aboutus.aspx), on behalf of CAM Core Fund 1 LLC, entered into a strategic joint venture with Heartland Investments, a subsidiary of NSB, Inc., to acquire 2383 Utah Avenue, a 150,000-square-foot multi-use industrial flex property located in El Segundo, CA.
The property acquired by the real estate investment firms is situated on 9.6 acres and is located in the El Segundo submarket of West Los Angeles. The infill location averages an industrial availability of less than 5% and has long been the location of choice for defense-related industries in Southern California. The changing economic landscape and zoning overlays has brought creative office space users to El Segundo, creating repositioning opportunities for existing industrial assets.
Cohen Asset Management, a private real estate investment firm, acquired 2383 Utah Avenue because it provides an excellent opportunity for the value-add active asset management that the CAM Core Fund 1 LLC is well known for. The property is currently 80% leased on a triple net basis to Northup Grumman and Unisys, two credit tenants. While offering strong current cash flow, the property is anticipated to be repositioned with additional development into a higher and better use; attracting new tenants for creative office space.
About Cohen
Cohen Asset Management, Inc. (http://www.cohenasset.com/index.aspx), ("CAM"), is a private commercial and industrial real estate investment firm. The firm's relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.
Forward looking Statement
Except for the historical facts, the statements in this press release regarding CAM's business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on past forward-looking statements to anticipate future results or trends. Except as required by law, we assume no obligation to update any such forward-looking statements.
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