LOS ANGELES--(BUSINESS WIRE)--Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, has announced the acquisition of a 3.6-acre site located at 19500 Rancho Way in Rancho Dominguez, CA, for $25.5 million. This strategic acquisition marks an expansion of Turnbridge Equities' Industrial Outdoor Storage (IOS) portfolio, further solidifying its presence in one of the most coveted industrial submarkets in the South Bay.
One of the key drivers behind this strategic acquisition is the property's proximity to the ports of Los Angeles and Long Beach. The combined ports form the largest port complex in North America, handling 40% of the nation’s containerized imports and serving as a major gateway for global trade. The site also benefits from excellent connectivity to the Southern California highway network and is within two miles of three major freeways – the 710, 91, and 405. The site also abuts the Alameda Rail Corridor and is 1.8 miles from the Union Pacific Dolores Yard. Being at the epicenter of the industrial market in Los Angeles, this site has a competitive advantage for future tenants who will be able to reduce transportation costs as well as greenhouse gas emissions by locating centrally.
"The acquisition of this prime site in Rancho Dominguez aligns perfectly with our strategic vision of expanding our Industrial Outdoor Storage strategy in port-adjacent, infill, and high barrier-to-entry markets," said Michael Gazzano, Managing Director of West Coast Investments for Turnbridge Equities. "In addition to the proximity to the ports and railyards, this site serves a population of 14.3 million people within a one-hour drive time."
The newly acquired site is situated in the South Bay submarket of Los Angeles, which is among one of the most desired submarkets in the nation with a 0.8% vacancy rate. Within the South Bay submarket, Rancho Dominguez is exceptionally desirable and exhibits a vacancy rate of 0.2%. For context, the national U.S. vacancy rate is 3.7%.
"We are thrilled to add this strategic site to our portfolio, expanding our presence in the South Bay market," said Jack Hechinger, Vice President of Acquisitions for Turnbridge Equities. "The scarcity of available industrial land in the market, coupled with the growing demand for industrial outdoor storage, makes this acquisition a compelling opportunity for us, and we look forward to unlocking the value of this property."
Aerial image can be found here
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 that creates long-term value for investors, occupants, and end users. Turnbridge has over $2 billion of assets under management across two managed funds, and is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin, and Miami.
Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
