Longpoint Realty Partners, a Boston-based real estate investment firm, is adding to its Southern California portfolio, recently acquiring a 275,600 square foot industrial property in the City of Industry, according to a closing announcement from Cushman & Wakefield, which brokered the deal. The property was sold by German asset management firm DWS Group for $80 million, or about $290 per square foot, industry reports show.
The transaction was brokered by a team from Cushman & Wakefield, consisting of Jeff Chiate, Jeffrey Cole, Richard Ellison, Mike Adey, Bradley Brandenburg and Chris Tolles.
Known as John Reed Commerce Center, the property is located at 1201 John Reed Court. According to the closing announcement, the property was 83 percent occupied at the time of the sale, with 32 different tenants. John Reed Commerce Center was built in 1978 and offers more than 40 suites, ranging from 3,800 to 24,800 square feet, and features both dock-high and grade-level loading.
Longpoint Realty Partners has been actively expanding its portfolio in Southern California over the past several years.
In a similar transaction last year, the firm invested $80 million in a four-building, 85,000 square foot industrial complex in Van Nuys. Positioned on 11.75 acres, the properties are at 16300-16210, 16251, 16201, 16141 and 16161 Raymer St. and 8085 Woodley Ave.
Longpoint further diversified its holdings in March by acquiring a shopping center in Montclair for $22.7 million, or about $349 per square foot, according to The Registry’s previous reporting. Sold by Pacific Properties Group, the property totals 65,007 square feet and is located at 5281 Holt Blvd.
