Transwestern Pays $14M for Los Angeles Logistics Asset
- May 15, 2020
Transwestern Investment Group has acquired Arenth Commerce Center, a 90,318-square-foot industrial asset in the City of Industry submarket of Los Angeles. According to Yardi Matrix, a private investor sold the facility for $13.9 million. The industrial sector continues to perform well, despite the ongoing global health crisis.
Located at 17891 and 17907 Arenth Ave., the two-building property was completed in 1973. The new owner intends to invest in upgrades including exterior paint, landscaping, signage and parking lot improvements. Arenth Commerce Center was fully leased at the time of sale, with ELA Lighting occupying the entire 49,000-square-foot building at 17891 Arenth Ave., while the second building is leased to several tenants.
The property is 25 miles west of Ontario International Airport, 34 miles from Hollywood Burbank Airport and 40 miles from both Los Angeles International Airport and John Wayne Airport. Downtown Los Angeles is 26 miles away. The location provides convenient access to Highway 60 and interstates 10 and 605. According to Transwestern data, the submarket recorded below 1.5 percent vacancy at the end of 2019 and annual rent growth of 9 percent since 2014.
Transwestern will provide property management services, while CBRE Senior Vice President Cameron Merrill and Senior Associate Case Dahlen will spearhead leasing efforts. Colliers International Executive Managing Director Michael Kendall, Director Gian Bruno, Senior Vice President John Archibald and Vice President Peter Lee represented the seller.