61.2 F
Los Angeles
Friday, Jun 9, 2023

Turnbridge Buys Asset In Gardena

Turnbridge Equities has acquired a 2.5-acre site in Gardena slated for industrial outdoor storage use for $18.3 million.

The property, located at 555 W. 189th St., was purchased in an off-market transaction from seller Garden Partners LLC.

The property is situated at the intersection of the 405, 110 and 91 freeways. The site, which boasts 410 feet of frontage along the 110, is located 11 miles from the Port of Los Angeles and 11 miles from Los Angeles International Airport.

This acquisition is the first in Turnbridge’s industrial outdoor storage portfolio strategy targeting sites in the coastal markets. The company already has an 8-million-square-foot, industrial warehouse portfolio in the New York/New Jersey and Washington, D.C., markets.

“We are excited to officially launch our industrial outdoor storage strategy with an incredibly well-located and sought-after site in the South Bay submarket of Los Angeles,” Michael Gazzano, managing director of West Coast Investments for Turnbridge Equities, said in a statement.

The South Bay submarket is one of the most coveted industrial submarkets in the country and has an extremely tight vacancy rate of 0.8%, which fueled a compounded annual rent growth of 15% over the previous five years, according to Turnbridge research. The proximity to the Ports of Los Angeles and Long Beach, as well as Los Angeles International Airport, provides durable demand drivers.

“Our strategy is specifically targeting port-proximate infill sites with high barriers to entry and strong demand drivers that are difficult to replicate elsewhere,” said Jack Hechinger, vice president of acquisitions for Turnbridge Equities. “We feel these sites are highly desirable and highly protected against new supply.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles