Realterm announces the acquisition of a 136,580-square-foot final mile warehouse located at 359 N. Covina Lane in La Puente, Calif. The facility sits on 9.2 acres and includes 5,000 square feet of office space, 23 dock-high doors and three grade-level doors.
“Los Angeles is the most highly sought after high flow through market in the country, and has seen a dramatic increase in demand for industrial space over the last few years,” said Blair Duncan, Associate Vice President of Acquisitions, Realterm. “With high barriers to entry in the region and increased tenant demand, LA was the obvious choice for our first development on the West Coast. We are excited to build our first development in LA.”
Ideally situated to service the greater Los Angeles and Inland Empire regions, 359 N. Covina Lane is strategically located with access to I-605, I-10, Route 60 and I-5 within 15 minutes. With immediate access to the region’s key highway network, the property can easily service more than 17 million people within 50 miles. Additionally, the property is 22 minutes from downtown Los Angeles, 30 minutes from Ontario International Airport and 35 minutes from both LAX International Airport and the Ports of Los Angeles and Long Beach.
“This transaction is another example of our strategy to acquire properties in top markets with excellent proximity to large populations that will enhance our portfolio and benefit end users,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm. “This acquisition’s highly functional features coupled with its strong location and size appeal to a wide range of trucking and logistics operators and will ensure strong performance and future success.”
Highlights of the property include:
Square feet: 136,580 SF
Land area: 9.2 acres
Loading Positions: 26
Access: I-605, I-10, Route 60 and I-5
Realterm executes private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $10 billion in assets through five transportation logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow-through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Indospace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.