A vertically integrated real estate investment and development company has announced the purchase of a 3.6-acre site in Rancho Dominguez, California for $25.5 million. This strategic acquisition expands Turnbridge Equities’ Industrial Outdoor Storage (IOS) portfolio and further solidifies its position in one of the South Bay’s most desirable industrial submarkets.
The property’s proximity to the harbors of Los Angeles and Long Beach was a significant factor in this strategic acquisition. The combined ports constitute the largest port complex in North America, managing forty percent of the country’s containerized imports and functioning as a significant gateway for international trade.
Three main freeways — the 710, 91, and 405 — are within two miles of the site. The site also has exceptional connectivity to the Southern California highway network. Additionally, the site is adjacent to the Alameda Rail Corridor and is located 1.8 miles from the Union Pacific Dolores Yard.
Centrally located in the Los Angeles industrial market, this site has a competitive advantage for prospective tenants who can reduce transportation costs and greenhouse gas emissions by locating here.
We acquired this great Rancho Dominguez location to enhance our Industrial Outdoor Storage strategy in port-adjacent areas.
“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,” explained Michael Gazzano, Managing Director of West Coast Investments for Turnbridge Equities. In addition to its proximity to the ports and railyards, this location serves 14,3 million people within an hour’s commute.
The newly acquired property is located in the South Bay submarket of Los Angeles, which, with a vacancy rate of 0.8%, is one of the most desirable submarkets in the country. Rancho Dominguez is exceptionally desirable and has a vacancy rate of 0.2% within the South Bay submarket. In context, the national vacancy rate in the U.S. is 3.7%.
Jack Hechinger, vice president of acquisitions at Turnbridge Equities, remarked, “We are thrilled to add this strategic site to our portfolio, expanding our presence in the South Bay market.” The scarcity of available industrial land in the market, combined with the rising demand for industrial outdoor storage, makes this acquisition a compelling opportunity for us, and we look forward to realizing the property’s full potential.
