Lowe Enterprises Takes Industrial Facility in Central Los Angeles
- Sep 26, 2008
Lowe Enterprises Investors, the investment management affiliate of national real estate company Lowe Enterprises, has acquired a 266,000-square-foot industrial distribution facility in central Los Angeles. The $31.5 million acquisition from an institutional owner was made on behalf of an investment client. “The downtown and central Los Angeles industrial area is consistently in high demand. It is the center of the region’s food and produce industry as well as the hub of the area’s distribution netwok” Bleecker Seaman, managing director, Lowe Enterprises Investors, said in a statement. The complex, located at 2652 Long Beach Ave., is fully leased until mid-2010.The building, set on almost 11 acres, offers clear ceiling heights ranging from 18 to 30 feet, 66 dock-high loading doors, a guarded rail truck entrance and a secure truck yard. It is served by a 169-space parking structure.It is adjacent to the Alameda Corridor, which was created to speed the movement of goods through the region, and offers direct access to the ports of Los Angeles and Long Beach and is minutes from three major rail and container yards. Lowe Enterprises plans to invest more than $5 million in the facility to improve the facility, including the common areas and office space, and enhance its functionality for food and produce businesses. Lowe Enterprises will assume property management of the facility as well as lead the execution of the capital improvement program. Lowe staff handled the acquisition while the seller was represented by David Fults, Brian McLoughlin, Scott Heaton and Patrick Barnes from the CB Richard Ellis Inc.’s Central Los Angeles Office.Recently Lowe Enterprises was in the news when its joint venture with McShane Corp. completed development of two top-tier industrial buildings at Tuscany Center at Walnut Creek located at Springdale Road and US Highway 290 in Austin. The project included the 72,000-square-foot Tuscany 7 facility and 89,600-square-foot Tuscany 8 building.