Palisade Group Buys Fully Leased Industrial Park in L.A. County for $97M
The purchase comes a few months after the investment and management firm snagged a discounted Class A office in Calabasas
By Nick Trombola May 29, 2025 4:52 pm
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A joint venture led by Palisade Group has snatched up a fully leased industrial complex in the warehouse-filled City of Commerce, about 10 miles southeast of Downtown Los Angeles.
The L.A.-based investment and management firm together with Benefit Street Partners, purchased the Garfield Business Center in Commerce for $97 million, or roughly $178 a square foot.
Terreno Realty sold the five-building, 544,705-square-foot property at 3300-3430 Garfield Avenue after acquiring it in 2012 for $52.4 million, per property records.
The 24-acre, fully leased property is home to a diverse 12 tenants, including AFR Furniture Rental, Apparel Textile Sourcing, U.S. HealthWorks Medical Group and Concentra Urgent Care.
“We were attracted to Garfield Business Center’s high-quality customer base with long tenures, excellent freeway access, above-market features, and below-market rents – all of which will allow us to execute our value-add business plan,” Spencer Rose, Palisade Group managing principal, said in a statement. “This multi-tenant, infill asset includes the qualities we are currently seeking in additional potential acquisitions in well-located gateway markets.”
Newmark’s Andrew Briner, Bret Hardy, Jim Linn, Aaron Banks, Luke Easton, Kevin Shannon, John McMillan and Jeff Sanita represented Terreno in the sale.
“Garfield Business Center is a unique opportunity to acquire a high-quality, infill industrial project with excellent functionality, strong institutional ownership history, and rare scale in the Central Los Angeles industrial market,” Brian Buffone, Benefit Street’s head of real estate operations, said in a statement.
Palisade Group has also acquired other asset types in Greater L.A. this year. Along with Cross Ocean Partners in February, Palisade Group bought a 222,667-square-foot Class A office in Calabasas for $69.4 million. The purchase for the fully leased office was ultimately a decent bargain for Palisade Group, as seller Gemdale USA had bought the office in 2021 for $79 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
