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Turnbridge Launches IOS Strategy with $18M LA Purchase
New York-based real estate investment and development firm Turnbridge Equities has launched its industrial outdoor storage (IOS) portfolio with the $18.3 million, off-market purchase of a 2.5-acre site in the South Bay submarket of Los Angeles. The parcel, which features 400 feet of frontage along Interstate 110, is located just 11 miles from both the Port of Los Angeles and LAX.
“We are excited to officially launch our IOS portfolio strategy with this incredibly well-located and sought-after site,” said Turnbridge Managing Director Michael Gazzano. “The past several months have been challenging in the capital markets, however, we are proud of our team’s perseverance to successfully close the transaction.”
According to Turnbridge, the South Bay submarket is one of the most coveted industrial regions in the U.S. with a tight vacancy rate of 0.8% and proximity to the Ports of Los Angeles and Long Beach which receive 40% of the nation’s containerized imports.
- ◦Sale/Acquisition
