American Realty Advisors, a Glendale company with more than $6 billion in assets under management, has purchased a 175,000-square-foot warehouse in Santa Fe Springs for $21.6 million.
The investor bought the Shoemaker Distribution Center, at 15050-66 Shoemaker Ave., from Columbia California Shoemaker Industrial, an entity controlled by Lincoln Property Co., for about $130 a square foot.
Gary Steinhardt, director of the investment group at American Realty, said the firm bought the building as it focuses on industrial assets throughout the United States. It was particularly interested in the site because of its proximity to West Coast ports.
The building is fully occupied by multiple tenants, including J.B. Hunt Transport Services, Altaquip and Pacific Diving Academy USA Inc.
However, Steinhardt said there will likely be some tenant movement and that once space opens up, the company expects demand from replacement tenants to be strong.
American represented itself in the acquisition. The seller was represented by Barbara Emmons, Darla Longo, Rebecca Perlmutter and Laird Perkins of CBRE.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Drug Developer Checks Into El Segundo Facility
- MID CITIES---Market Stable For Now, But Fourth-Quarter Woes Feared
- Rates Continue to Lure Buyers, Making Rental Property Scarce
- New Warehouses an Indication Of Strength in Industrial Market
- Tenants Snap Up Space at Pico Rivera Commerce Center
- Tight Industrial Market Sends Tenants to Outlying Areas
- Industrial Lease Rates Drop As Rent Concessions Made
- Expansion-Fueled Activity Sees New Projects Rapidly Absorbed