Turnbridge Equities Launches Industrial Outdoor Storage Strategy with Acquisition of 2.49-acre Site in Los Angeles’ South Bay, One of SoCal’s Most Coveted Submarkets
Prime Location at Intersection of the 405, 110 & 91 Freeways Boasts Ease of Access to Port of Los Angeles and LAX
LOS ANGELES–(BUSINESS WIRE)–Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, announced the acquisition of 555 W. 189th Street in Los Angeles, CA, a 2.49-acre site slated for industrial outdoor storage (IOS) use, for $18.3 million.
The property, acquired in an off-market transaction, is ideally situated at the intersection of the 405, 110, and 91 freeways, where six on-ramps and six off-ramps within a mile of the site connect it to a population of 14.5 million within an hour’s drive. The site—which boasts 410 feet of frontage along the 110—is conveniently located 11 miles from the Port of Los Angeles, the busiest container port in North America, and 11 miles from Los Angeles International Airport, the fourth-largest cargo airport in North America.
With an 8-million-square-foot, last-mile industrial warehouse portfolio in the New York/New Jersey and Washington D.C. markets, this acquisition marks the first in Turnbridge’s industrial outdoor storage portfolio aggregation strategy targeting infill sites in high barrier-to-entry, high-population density coastal markets.
“We are excited to officially launch our IOS portfolio strategy with an incredibly well-located and sought-after site in the South Bay submarket of Los Angeles. The past several months have been challenging in the capital markets, however, we are proud of our team’s perseverance to successfully close the transaction and we look forward to many more this year,” said Michael Gazzano, Managing Director of West Coast Investments for Turnbridge Equities.
The South Bay submarket is one of the most coveted industrial submarkets in the country exhibiting an extremely tight vacancy rate of 0.8%, which fueled a compounded annual rent growth of 15% over the previous five years. The proximity to the Ports of Los Angeles and Long Beach, as well as Los Angeles International Airport, provides durable demand drivers. With 40% of the nation’s containerized imports arriving in the region via the Ports of Los Angeles and Long Beach, the demand for logistics-serving property is strong.
“Our strategy is specifically targeting port-proximate infill sites with high barriers to entry and strong demand drivers that are difficult to replicate elsewhere. We feel these sites are highly desirable and highly protected against new supply,” says Jack Hechinger, Vice President of Acquisitions for Turnbridge Equities.
About Turnbridge Equities
Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated real estate investment and development firm that brings a tenacious passion and fresh approach to the traditional real estate model. The firm pursues uniquely diversified investment strategies and a highly selective market entry process, leveraging more than 150 years of combined industry experience. With a firm commitment to environmental and social stewardship, Turnbridge Equities offers an unrivaled competitive advantage that creates long-term value for investors, occupants, and end users. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
Aerial site image can be found here.
Turnbridge Equities, Donna Haldipur (Marino PR)