Turnbridge Equities has purchased Eton Industrial Park, a 205,000-square-foot campus in the Los Angeles neighborhood of Canoga Park, Calif., for $28 million. Siegel & Associates previously owned the asset, according to CommercialEdge data. Newmark brokered the transaction.
This acquisition launched Turnbridge’s new investment strategy focusing on the acquisition and reposition of Southern California multi-tenant industrial properties.
The park’s 11 buildings debuted between 1973 and 1977. At closing, the property was 70 percent leased and Turnbridge plans to invest capital, improving operations and driving occupancy growth.
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Located near the intersection of Nordhoff Street and Eton Avenue, the campus is in the West San Fernando Valley, about 29 miles northwest of downtown Los Angeles. U.S. Route 101 runs about 6 miles away, while Van Nuys Airport operates roughly 8 miles from the industrial park.
Newmark Executive Managing Director Jeff Abraham, together with Vice Chairmen John DeGrinis and Patrick DuRoss, as well as Associate Director Javier Galvan, brokered the sale. The team will also lead the leasing efforts at the property.
Turnbridge chose to invest in Greater Los Angeles due to the area’s scarcity of land for new development coupled with increased construction costs, Managing Director Michael Gazzano said in a prepared statement.
Industrial investment in metro Los Angeles
Industrial investment in metro Los Angeles saw very little activity during the first quarter of this year, with only 1.1 million square feet of product changing hands, according to a report by Kidder Mathews. This marked a 46.6 percent decrease from the same period of last year.
The average price per square foot stood at $298.97 during the first three months, the same source shows. One of the priciest deals of the quarter closed in early January when CapRock Partners sold a newly constructed 270,000-square-foot facility in Pomona, Calif., for $99.9 million or $370 per square foot.
