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6/03/25
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Palisade Group has purchased Garfield Business Center, a five-building, 544.7k sf industrial property in the City of Commerce, in a $97 mil ($178/sf) transaction. The property was acquired through a joint venture with vehicles managed by Benefit Street Partners L.L.C.
The dock-high industrial asset is situated on a 24-acre site at 3300-3430 Garfield Ave, north of Slauson Ave and southwest of I-5. It features a mix of bulk and shallow bay facilities, excess outdoor storage and trailer parking, above market dock-high door count, an active rail spur, and immediate access to I-5 and surrounding freeways.
Fully leased at the time of sale, the property is home to twelve tenants across diverse industries including distribution, furniture and event rentals, grocery dry goods, health and wellness products, medical services, and high-performance products.
“We were attracted to Garfield Business Center’s high-quality customer base with long tenures, excellent freeway access, above-market features, and below-market rents – all of which will allow us to execute our value-add business plan,” said Spencer Rose, Managing Principal with Palisade. “This multi-tenant, infill asset includes the qualities we are currently seeking in additional potential acquisitions in well-located gateway markets.”
Andrew Briner, Bret Hardy, Jim Linn, Aaron Banks, Luke Easton, Kevin Shannon, John McMillan, and Jeff Sanita from Newmark represented the seller, Terreno Realty Corporation, in the deal.
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