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4/05/22
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Penwood Real Estate Investment Management LLC acquired a 13-acre site containing a 230k sf industrial building with cold storage, food processing and distribution improvements in the City of Commerce. The property was sold by Smithway Associates LLC.
The location offers strategic industrial advantages, including access to 3.4 million people within a 10-mile radius, immediate access to the Interstate 5 and 710 freeways, proximity to the nearby Metrolink Commerce Station, as well as proximity to the Ports of Los Angeles and Long Beach, two of the world's busiest seaports and leading gateway for international trade in the Western Hemisphere.
Cushman & Wakefield’s Tim Wallace represented the buyer in the deal. CBRE’s Art Rasmussen, Ryan Lin and David Norrie repped the seller in the transaction.
“5743 Smithway operates as a cold storage, food processing and distribution facility but offers flexibility in the future reposition strategy via adaptive reuse and industrial redevelopment,” said Wallace. “The strategic industrial location near several major thoroughfares provides a buyer confidence in the long-term value of the property.”
Wallace continued, “When combined with the proximity to prominent neighbors like The Citadel Outlets, a 700k sf mixed-use retail/entertainment destination, and The Commerce Casino & Hotel located directly across the street, the industrial location provides current and future users with a host of amenities and advantages not easily replicated in the Central Los Angeles market.”
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