Terreno Buys Industrial Assets Near LA’s Arts District
Terreno Realty Corporation, an owner-operator of industrial real estate, purchased a collection of five buildings near Downtown Los Angeles for $18.1 million, the company announced.
The five light industrial buildings, which span a total of 53,000 square feet, are located within a square block on the east side of the Los Angeles River, across from the Arts District. They include two adjacent buildings at 134 and 140 South Anderson Street, a one-story building at 1319 Mono Street, a food-processing property at 145 South Utah Street, and a parking lot at 1312 East 2nd Street that connects them all.
The buildings are 90 percent leased, and all the leases will expire within three years, according to the release. Tenants include the Chelin Corporation, a company that manufactures religious statues; food wholesaler M & L Foods; and design printer Static Medium.
The buildings are all owned by Los Angeles Mono Street, an entity associated with Alan Hart and Wendy Hart, who have owned the properties since the eighties.
The publicly traded Terreno is based in San Francisco and owns industrial properties in six coastal cities, including San Francisco, Miami, Los Angeles and the New York metro area.
Brandon Burns, Brandon Gill and Jae Yoo of Cushman & Wakefield represented the seller in the transaction, the brokerage confirmed. It was not immediately clear if brokers were involved on Terreno’s side.