(EDITOR’S NOTE: The property was sold to Cohen Asset Management Inc. in August by Studio Designs Inc. for $56.5 million, or approximately $268 per square foot. However, details about the transaction were only recently revealed in a Los Angeles third quarter industrial market report from Kidder Mathews.)
Cohen Asset Management, Inc. (the “Company” or “CAM”) today announced the acquisition of a 100% leased, 202,629 square foot Class-A logistics facility located at 7255 Rosemead Boulevard in Pico Rivera, California on an all-cash basis.
Maxx Cohen, the Company’s Director of Acquisitions stated, “CAM has a 30+ year history of owning and operating industrial and logistics properties within Southern California with 3-million square feet acquired year to date, and we are excited to add this highly functional, Class-A property within the coveted Pico Rivera Commerce Center to our portfolio.”
Mr. Cohen went on to say, “We believe this property is well-positioned to benefit from the continued supply/demand imbalance – both from investors and occupiers – that exists for Class-A industrial and logistics properties in prime, infill Southern California locations.” Mr. Cohen went on to say, “Our mission is to create long‐term value as well as near term income returns for our investors, and this property will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities in the Southern California marketplace”.
About Cohen Asset Management
Cohen Asset Management, Inc. is a private real estate investment firm that is headquartered in Southern California with regional offices in Phoenix, Arizona, Dallas, Texas, and Northern New Jersey. The Company has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. The Company’s team of seasoned real estate professionals creates value for its investors and tenants by establishing mutually rewarding relationships within the real estate community and by taking a proactive, hands-on approach to all of its investments.