Turnbridge Equities has picked up a 53,000-square-foot industrial building in Rancho Dominguez for $25.5 million.
The New York-based investor bought the single-story Laurel Park Commerce Center at 19500 Rancho Way in the unincorporated area south of Compton, the Commercial Observer reported.
The deal works out to $481 per square foot, or nearly $7.1 million per acre.
The property was last sold in July 2019 for $10.5 million, and for $3.9 million in September 2011, according to the Observer. The Class B building was constructed in 1986, according to CommercialCafe.
Turbridge said the purchase dovetails with its plan to expand its industrial outdoor storage in port-adjacent, infill and “high barrier to entry markets.”
“The scarcity of available industrial land in the market, coupled with the growing demand for industrial outdoor storage, makes this acquisition a compelling opportunity for us,” Jack Hechinger, vice president of acquisitions at Turnbridge, said in a statement.
The company said it was drawn to the property next to the Alameda Rail Corridor for its proximity to the ports of Los Angeles and Long Beach. It’s also within two miles of the 710 and 405 freeways.
The South Bay submarket has an 0.8 percent industrial vacancy rate, and Rancho Dominguez has a 0.2 percent vacancy rate. The national industrial vacancy rate is 3.7 percent, according to the Observer.
Turnbridge, founded in 2015, has more than $2 billion of assets under management across two managed funds.
This month, Turbridge and two other developers won approval to redevelop the former City Place Long Beach mall into 900 apartments and 38,000 square feet of shops and restaurants.
— Dana Bartholomew
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