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June 24, 2024
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North Palisade Partners Starts Work on New Distribution Project in Vernon


North Palisade Partners has broken ground on Palisade Santa Fe Center, a 59k sf, Class A industrial property in Vernon. The site is located at 5655 Santa Fe Ave, south of I-10 and east of I-110 in the mid-cities L.A. area.

The site is ideally located in one of the nation’s tightest industrial markets, blocks from critical rail yards and intermodal facilities for Union Pacific and BNSF, as well as the ports of Los Angeles and Long Beach. Vernon is also one of the most active infill submarkets of Southern California. The property is situated on a corner lot at Santa Fe and 57th, a central Alameda Corridor location that is expected to appeal to a broad user base.

Palisade Santa Fe Center will offer modern attributes required at logistics buildings. It will feature 32-foot clear heights, a 150-foot secured truck court, 9.5k sf combined, of two-story office and mezzanine space, more than 55 parking spaces, ESFR sprinklers, six dock-high loading positions, three trailer parking stalls, and 1,200 AMPS of power.

Joe Mishurda, Managing Partner of Los Angeles-based North Palisade Partners, said, “There is a tremendous lack of industrial supply in Los Angeles with vacancies dropping under 1% in this submarket. This sized building is in the ‘sweet spot’ for the Central Los Angeles submarket as users are exhibiting a healthy appetite for properties in 50k sf - to 100k sf size range in L.A. Demand is expected to remain strong for industrial assets in SoCal’s infill markets driven by a diverse mix of tenant requirements including last-mile logistics and cold storage users. North Palisade has experienced success with a similarly sized building in Commerce.”

CBRE’s Jack Mergenthaler, SIOR, Jeff Stephens, SIOR and Evan Crawford are handling the leasing assignment for the development. Herdman Architects is the project architect, while PREMIER Design + Build Group is serving as general contractor. Palisade Santa Fe Center is set for completion in Summer 2023.

In 2022, North Palisade has added eight industrial, IOS, and self-storage development properties to its portfolio with a total capitalization of approximately $225 mil. Currently, North Palisade has eleven projects under development, inclusive of five industrial buildings, four IOS projects and two self-storage facilities for a total capitalization exceeding $265 mil. Additionally, the company has nearly $500 mil of projects under contract in key logistics markets in Northern California, Southern California, and Las Vegas.

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