Longpoint Buys Industrial Park in SoCal for $80M
Property is made up of 15 buildings totaling 275,600 square feet
By Nick Trombola October 3, 2023 2:15 pm
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Longpoint Realty Partners has bolstered its industrial portfolio in Los Angeles County with the recent purchase of a warehouse park in the City of Industry in the San Gabriel Valley.
The Boston-based firm purchased the John Reed Commerce Center at 1200-1316 John Reed Court for $80 million, according to a LinkedIn post from Matthew Leupold, an associate at Cushman & Wakefield (CWK), which brokered the deal. News of the transaction was reported in The Real Deal.
Longpoint purchased the property from DWS Group, while Jeff Chiate and Jeffrey Cole at Cushman & Wakefield brokered the deal. Neither Longpoint nor Cushman & Wakefield returned requests for comment.
Built in 1978, the property is made up of 15 buildings on 16.4 acres, totaling 275,600 square feet, per Leupold’s post. The site is 83 percent leased to 32 separate tenants, according to the post. DWS bought the property in 2007 for an undisclosed price, property records show.
In addition to buying the commerce center, Longpoint secured $52 million to buy an 84,000-square-foot industrial park in Van Nuys last spring. It also purchased a shopping center in Montclair, Calif., for $23 million in March.
The L.A. market saw over 4.2 million square feet of negative net absorption in the second quarter of 2023, the highest quarterly total in the last five years, according to research by Cushman & Wakefield. Total industrial vacancy in L.A. is 2 percent, yet asking rents remain high at $1.70 per square foot.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
