Turnbridge Enters IOS Space With LA Buy
The property is close to both LAX and the ports of L.A. and Long Beach.
Aerial view of 555 W. 189th St. Image courtesy of Turnbridge Equities
Turnbridge Equities has acquired a 2.5-acre industrial outdoor storage site in Gardena, Calif., for $18.2 million. The property, situated in Los Angeles’ South Bay submarket, traded in an off-market deal and marks the first in the company’s strategy targeting infill industrial outdoor storage sites in coastal metros.
The property is located at 555 W. 189th St. and features 410 feet of frontage to Interstate 110. Situated close to Interstate 405 and State Route 91, the asset is 10 miles from the ports of Los Angeles and Long Beach and 11 miles from Los Angeles International Airport.
In another similar deal, Triten Real Estate purchased a three-property industrial outdoor storage portfolio last week in Port Wentworth, Ga. The properties changed hands from Adana Capital and are fully occupied by three drayage users.
Also recently, H.I.G. Partners, with its newly formed industrial outdoor storage platform, completed a 2.3 million-square-foot acquisition, marking a major play for the subsector. The 55-property portfolio is 100 percent occupied.
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