Thor Equities pushes into LA industrial market

Firm pays $30M for 200K-sf warehouse near Port of LA

2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt

Thor Equities has snapped up a warehouse near the Port of Los Angeles, its first acquisition in the Southern California industrial market.

The investment firm paid $30 million for the nearly 200,000-square-foot property warehouse in Carson, it said in a news release.

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Located at 2575 E. El Presidio St., the warehouse is fully leased to Texollini — a textile and fabric manufacturer now making protective face masks. Texollini bought the complex in 2015, according to Commercial Observer, citing property records.

Thor chairman Joe Sitt said the company anticipates “profound growth in the resilient industrial sector,” and the purchase adds to its global portfolio. Thor has 3.8 million square feet of logistics space; it recently sold a 2.2 million-square-foot portfolio in the U.K. for $415 million. In New York City, Thor landed $76 million in construction financing in February for a build-to-suit warehouse leased to Amazon. Also in New York, Thor was hit with a foreclosure lawsuit
this month from its lender on a mixed-use property in Harlem.

While retail, office and hotel properties have been hammered over the last year, the industrial market has remained steady, propelled in large part by e-commerce and the need for distribution and logistics centers. One of the biggest players in Southern California, Rexford Industrial Realty, snagged a nearly 1 million-square-foot warehouse in Whittier for $297 million in December.