Terreno Realty makes another industrial play in LA

Demand continues to soar in the city, which has ranked among the most active for industrial

Aug.August 22, 2019 12:10 PM
Terreno Realty Chairman & CEO W. Blake Baird
Terreno Realty CEO W. Blake Baird

Amid Los Angeles’ slowing housing market, the demand for industrial properties has remained strong, perhaps stronger than anywhere else in the country.

The latest play is from Terreno Realty Corporation, which is back in Southern California with the purchase of a five-building property near Downtown, according to Commercial Observer. The $18 million price tag includes about 53,000 square feet of space and nearly 2 acres of land. The portfolio is 90 percent leased to seven tenants; the leases expire within the next three years.

The seller was Los Angeles Mono Street, an entity tied to Alan and Wendy Hart. They purchased the property in the 1980s. The buildings are near the Los Angeles River, at 130-134 and 140-148 South Anderson Street, 1319 Mono Street and 135-151 S. Utah Street.

San Francisco-based Terreno owns and operates approximately 215 industrial properties with more than 13 million square feet of space around the country, including L.A., New York, the Bay Area and Miami.

The DTLA and Arts District areas continue to attract much of the industrial activity. A restaurant supply company purchased a last-mile distribution center near Downtown for $14.8 million in July, and a firm led by Mayer Separzadeh paid $20 million for a block-long assemblage in April.

Terreno has been buying and managing properties in Southern California since the industrial market started to take off. In 2017, the firm purchased a fully-leased 23-acre Lynwood industrial property for $31.4 million, and later that year picked up three properties for a combined $78 million. [CO] — Gregory Cornfield

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