Thor Equities Bursts Onto California Industrial Scene With $30M Buy
The 196,300-square-foot property near the Port of L.A. is fully leased to textile and fabric manufacturer Texollini
Commercial Observer can first report that the New York City-based development and investment firm has closed on its first industrial real estate deal on the West Coast. The firm has acquired a 196,300-square-foot warehouse in Los Angeles’ South Bay for $30 million in a sale-leaseback with a textile and fabric manufacturer. The property is fully leased to Texollini, which aims to be among the most advanced knitting mills and fabric suppliers in America, according to its website.
The property is on six acres at 2575 East El Presidio Street in the city of Carson, Calif., off the 710-405 Freeway Interchange along the Los Angeles River, about eight miles north of the adjacent Ports of Los Angeles and Long Beach. Property records indicate Texollini acquired the property in 2015.
“2575 El Presidio presents an exceptional opportunity to strengthen Thor’s portfolio of high-quality logistics assets in key markets globally,” Joe Sitt, chairman of Thor Equities Group, said in prepared remarks. “We anticipate profound growth in the resilient industrial sector and are pleased to expand our footprint in the U.S. and invest further in our platform.”
Thor’s logistics portfolio spans 3.84 million square feet. The firm’s recent activity in the industrial asset class includes the sale of a 2.2 million-square-foot portfolio in the United Kingdom, and lease of a build-to-suit warehouse in Brooklyn to Amazon. That property recently secured a $155 million equity recap.
L.A.’s industrial and warehousing market has seen persistently high demand, thanks to the e-commerce boom, as well as its proximity to one of the densest metropolitan regions in the country and the two largest ports in the Western Hemisphere. The strength of industrial real estate investment is expected to be a foundation of Southern California’s recovery.
Thor’s entire portfolio totals $20 billion, which includes a recent focus on life sciences. In December, the company acquired a newly renovated office building in San Jose that is fully leased to semiconductor developers for $50.5 million, as well as a life science campus in North Carolina for $20.5 million. In September, Thor sold a 6.6-acre medical office in Silicon Valley for $103 million.