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4/26/17
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Terreno Realty Corp purchased Alameda Distribution Center, a 23-acre industrial land site, in Lynwood, for $31.4 mil. The transaction was for the fee interest in the land. It was sold by Lynwood-Alameda Corp, a local Los Angeles family.
The rail-served property, located at 11840 and 11852 Alameda St and 2800 Lynwood Rd, south of the 105 Fwy, is ground leased long-term by Travelers Insurance and Cargill Inc, a global grain and agricultural commodities producer and distributor. The Travelers Insurance portion of the site is highly-improved with two Class A industrial buildings totaling approximately 465k sf, both of which are fully leased.
CBRE’s Robert Flores and Andrew Briner represented the seller in the transaction. According to Flores, the property is one of the largest industrial land sites to trade in the South Bay submarket in the last 15 years. The South Bay industrial market totals 220 msf and currently has a vacancy rate of 0.6 percent, making it the strongest industrial market in the United States, per CBRE research.
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