In another sign of the continued demand for industrial space in Southern California, warehouse firm AMS Fulfillment sold a majority stake in its business to Fort Point Capital, a Boston-based private equity firm.
AMS operates 550,000 square feet at four centers in its home of Valencia, according to the Los Angeles Business Journal, which first reported on the sale. The companies in the warehouse are primarily in the cosmetics, apparel, footwear and accessories sectors.
The industrial market in and around Los Angeles remains hot hot. Its strength has been attracting an increasing amount of global investors as demand for warehouse space from e-commerce and logistics firms continues to drive the market.
The terms for the AMS deal were not disclosed. Representatives for Fort Point Capital and AMS declined to provide pricing details.
TCF Capital Funding, New Canaan Funding and Siguler Guff & Company provided debt financing for the transaction, according to Fort Point.
AMS CEO Ken Wiseman will now serve as chief workforce development officer, according to the Journal. Betty-Lou Wiseman was promoted from executive vice president of client services to president. Christina Pai, a partner at Fort Point, has been named as the new board chair at AMS. [LABJ] — Gregory Cornfield