Union label. (Real Estate).Multi-Employer Property Trust has purchased a portfolio of 32 industrial buildings in the Western U.S. totaling 2.3 million square feet from San Diego-based Westcore Industrial Properties LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $115 million. More than 1.9 million square feet were in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. Included in the portfolio were 1.3 million square feet of City of Industry buildings and 621,000 square feet in the downtown and Mid-Cities markets like Commerce and Vernon. The purchase will add to MEPT's substantial stake in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, industrial real estate. Before the most recent purchase, about 20 percent of the Washington D.C.-based union fund investor's 29.6 million square feet was in L.A. County. The buy reflects the high demand and limited supply of the region's infill industrial locations, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Gregg Young, portfolio manager of Investment Development Services Inc., which represented MEPT MEPT Multi-Employer Property Trust . First-quarter vacancy rates for Central Los Angeles and the San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. were both less than 3 percent, compared with 3.5 percent countywide, according to Grubb & Ellis Co. "These sites are hard to replace," said Young, who noted that the occupancy of the portfolio was almost 90 percent. "They felt long term that there would be a lot of security in these locations." CB Richard Ellis' Barbara Emmons, Darla Longo and Nick Psyllos represented the seller. Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or at dking@labusinessjournal.com. |
|
||||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion