Turnbridge Equities purchased a 53,000-square-foot industrial building in Rancho Dominguez for $25.5 million.
The New York investor purchased the single-story Laurel Park Commerce Center at 19500 Rancho Way in South Compton’s unincorporated neighborhood, Business Observer reports.
The deal came at $481 per square foot, or nearly $7.1 million per acre.
The property was last sold in July 2019 for $10.5 million and in September 2011 for $3.9 million, The Observer reported. According to CommercialCafe, the Class B building was built in 1986.
Turbridge said the acquisition dovetails with its plans to expand industrial outdoor storage in frontage, infill and “high barriers to entry to the market.”
“The scarcity of available industrial land in the market, combined with the growing demand for industrial outdoor storage, makes this acquisition an extremely attractive opportunity for us,” Jack Hechinger, Turnbridge’s vice president of acquisitions, said in a statement. “
The company said it was attracted to properties next to the Alameda rail corridor because of its proximity to the ports of Los Angeles and Long Beach. It’s also within two miles of the 710 and 405 freeways.
The South Bay submarket had an industrial vacancy rate of 0.8 percent and Rancho Dominguez had a 0.2 percent vacancy rate. The national industrial vacancy rate is 3.7%, according to The Observer.
Turnbridge was established in 2015, have over $2 billion Assets managed by two managed funds.
This month, Turbridge and two other developers were approved Reconstruction of the former City Plaza Long Beach Mall Access to 900 apartments and 38,000 square feet of shops and restaurants.
— Dana Bartholomew
