Greenlaw Partners buys into Valencia industrial

$41.5M for logistics hub fully leased to Bertelsmann unit

Greenlaw Partners' Wilbur Smith III and 29011 Commerce Center Drive (USC, LoopNet)
Greenlaw Partners' Wilbur Smith III and 29011 Commerce Center Drive (USC, LoopNet)

Greenlaw Partners has bought an industrial property in Valencia that’s fully leased to a logistics subsidiary of Germany-based media conglomerate Bertelsmann.

The Irvine-based investment firm purchased a 165,000-square-foot warehouse for $41.5 million — around $251 per square foot, according to property records filed with Los Angeles County.

Greenlaw got a $28.8 million loan from Chicago-based Walton Street Capital in connection with its purchase, records show.

The warehouse was previously owned by The Moulton Company, a family-owned private equity firm based in Irvine. The Moulton Company bought the property from Sares-Regis Group, which built the property, for $21.75 million in 2013.

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The warehouse, located at 29011 Commerce Center Drive, is fully leased to Arvato, which provides supply chain logistics, e-commerce and cloud services. Arvato has leased the property since 2002.

Greenlaw Partners has pivoted to industrial over the last year, offloading a 30-acre office campus in Orange County to Amazon for $165 million last year and putting an 18-story office tower in the city of Orange on the market.

Most recently, the company bought a former church site in the San Gabriel Valley to build a 177,000-square-foot Amazon warehouse. Amazon has since backed out of its deal and Greenlaw is currently marketing the property for lease.

Valencia, known for being a more residential enclave of Santa Clarita, is seeing more industrial and studio activity. Rexford Industrial Realty recently built a 111,260-square-foot warehouse in Valencia that is leased to Lief Labs, a dietary supplement maker.