SF-based REIT nabs industrial aviation facility for $31.4M

Lynwood property was formerly owned by Desser Tire & Rubber

TRD LOS ANGELES /
Apr.April 24, 2017 09:45 AM
Terreno CEO W. Blake Baird and the property at 11852 Alameda Street

The industrial sector is really taking flight.

Terreno Realty, a San Francisco-based real estate investment trust, acquired a 23-acre Lynwood industrial property for $31.4 million, the firm announced. The seller was aviation supplier Desser Tire & Rubber, according to Real Capital Analytics.

The site, at 11840 and 11852 Alameda Street, comprises two industrial distribution buildings totaling 464,000 square feet, as well as a separate supply facility spanning an additional 13,000 square feet. The property is 100 percent leased to two long-term tenants, pharmaceutical company PL Developments and logistics firm Midas Express.

Spokespersons for Desser, which is headed by Steven Chlavin, and Terreno were not immediately available for comment. Desser has owned the 1989-built property since it was built, according to RCA.

Terreno specializes in industrial real estate in six coastal markets, including L.A., New York, and Miami, with more than 170 holdings. In L.A.County, the firm owns more than a dozen properties, including warehouses in Inglewood, Compton, and Redondo Beach.

Its latest purchase is indicative of its increasing interest in aviation-related properties. In Miami, it owns a 107,000-square-foot warehouse in the Airport West market, and in New York, Terreno paid $53.1 million for four industrial warehouses just north of John F. Kennedy International Airport in 2014.


Related Articles

arrow_forward_ios
From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M

arrow_forward_ios