
Cushman & Wakefield has advised on the sale of a 275,000 square foot light industrial development in City of Industry, California.
The 15-building John Reed Commerce Center is located centrally and was 83 per cent leased at the time of its sale to real estate investment firm, Longpoint Partners.
Headquartered in Boston, MA, Longpoint is a private equity provider specializing in real estate with extensive experience in acquiring and operating infill logistics real estate in major U.S. markets.
Cushman & Wakefield Executive Vice Chairman, Jeffrey Cole and Jeff Chiate, Rick Ellison, Bryce Aberg, Mike Adey, Brad Brandenburg and Matthew Leupold from the firm’s National Industrial Advisory Group in Southern California represented the seller, a global investment advisor, in the transaction.
Local market advisory services were also provided by Chris Tolles alongside colleagues, Erik Larson and Robin Dodson, who were also retained for Project Leasing by Longpoint Partners.
“John Reed Commerce Center was a rare opportunity to acquire an infill core industrial project in the San Gabriel Valley, one of the most dynamic and highly sought-after industrial markets in the nation. This high image industrial asset is widely recognized as one of City of Industry’s premier business parks,” says Cole. “The project represents a great option for smaller industrial and business users and boasts a strong mark to market value strategy.”
Located at 1200-1316 John Reed Court off Gale Avenue and situated on ±16.41 acres, John Reed Commerce Center provides immediate accessibility and high visibility to State Route 60 (Pomona Freeway) with connection to the region’s robust freeway system. Additionally, situated in a cul-de-sac, the property also offers a unique semi-private working environment, and is close to an abundance of retail amenities.
The property was originally constructed in the late 1970s but has since undergone renovation and upgrade. The 15 freestanding buildings range from 12,400 sf to 24,800 sf and have a minimum divisibility of 3,800 sf. The units all feature ground level loading with some units also including dock high loading.