Real estate investment trust Prologis has added another Los Angeles industrial property to its roster, which has grown this summer.
The latest purchase is an 85,000-square-foot industrial building in the city of Commerce.
Prologis, one of the largest industrial landlords in the country, paid $41.4 million. The seller was AT&T, which leased the property back.
The site at 2420 Yates Avenue spans 11.24 acres and also includes office space. It’s located off Interstate 5 and the 710 Freeway.
The city of Commerce is just outside of East Los Angeles, and the area has seen increasing property values the past couple years thanks to new industrial investment. The vacancy rate there is at 2 percent, according to Prologis.
The REIT has had a big summer. It picked up a distribution center in Van Nuys that spans 108,200 square feet, shortly after securing two leases at two other Van Nuys locations, and another lease in the Inland Empire. The firm is also in negotiations to buy a $4-million warehouse portfolio.
Meanwhile, AT&T put 33 industrial sites on the market earlier this year. Eight locations are in Los Angeles and Ventura counties, however the sale in Commerce was not one of them.
Jon Reno, Trevor Gale, Mark Vanis, and Connor Ulf with Kidder Mathews represented Prologis in the transaction.