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5/25/23
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Turnbridge Equities purchased 3.6 acres of covered industrial-zoned land in Rancho Dominguez. Located at 19500 and 19520 S. Rancho Way, the site currently includes two buildings totaling 53k sf and is leased to eight tenants at below-market rents. The site supports the potential development of a 72.6k sf, Class A industrial warehouse.
Located at 19500 and 19520 S. Rancho Way, the site currently includes two buildings totaling 53k sf and is leased to eight tenants at below-market rents. The site supports the potential development of a 72.6k sf, Class A industrial warehouse.
The property is situated approximately 10 miles from the Ports of Los Angeles and Long Beach. It is well-served by a multimodal transportation network that includes the adjacent I-710 and the nearby freeways (I-405, SR-91 and I-110), Los Angeles International Airport and Long Beach Airport. More than 12 million people live within 35 miles of the property.
Mark Shaffer, Anthony DeLorenzo, Gerard Poutier and Bryan Johnson with CBRE’s Investment Properties—California/Arizona/Nevada, and Mike Longo with CBRE’s National Partners represented the seller, T&S Properties, in the transaction.
“We continue to see strong investment demand from private and institutional capital for well-located multi-tenant industrial assets,” said Shaffer, a Senior Vice President with CBRE. “Notably, the premium value for this asset was in the underlying ±3.59 acres of industrial land which, by right, supports IOS uses.”
The Rancho Dominguez industrial submarket remains nearly fully occupied, with vacancy sitting at about 0.2%, according to CBRE Research. Limited opportunities for Class A industrial product have resulted in strong rent growth in the submarket averaging 15% year-over-year for five consecutive years.
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