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5/07/21
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New York-based Thor Equities Group purchased a fully leased, 196.3k sf warehouse in Carson. The last-mile, infill facility, located at 2575 El Presidio, was acquired in an off-market sale-leaseback transaction.
The deal was funded with a $15.9 mil acquisition loan arranged by Marc Schillinger and Keith Rosso with JLL Capital Markets. The seven-year, fixed-rate, interest-only loan was funded through National Life Group.
Completed in 1972, the one-building facility features a 22-foot clear height, nine loading positions, office and mezzanine space and ample parking. 2575 El Presidio is situated on 6.09 acres at the epicenter of Southern California’s transportation and distribution network, allowing tenants to reach almost 5.5 million residents within 14.2 miles. It is proximate to Interstates 405, 110, 506 and 5 and provides easy access to the Los Angeles Port Complex, the most active port complex in the country, and is within a 20-minute drive to Los Angeles International Airport.
The Carson Industrial submarket sits within the greater Los Angeles Industrial Market, which, as of the first quarter of 2021, has a low 2.9% vacancy. According to JLL Research, the market just posted its highest absorption figure since 2015 with all submarkets seeing positive absorption in the first quarter. Elevated import volumes at the twin ports are driving demand for warehouse space in the core submarkets of Los Angeles.
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