Boston-based real estate private equity firm Longpoint has acquired three industrial buildings in Los Angeles County totaling 321,479 square feet. They include the 15-building John Reed Commerce Center in City of Industry and 2854 Supply Ave. and 6480 Corvette St., both located in Commerce. Deal terms weren’t disclosed, although Longpoint said all three properties were acquired at attractive prices.
“These acquisitions are a compelling opportunity to acquire functional, well-located industrial assets in the heart of two of Southern California’s most desirable logistics and distribution nodes,” said Dwight Angelini, managing and founding partner of Longpoint. “We are focused on growing our portfolio in California’s highly sought-after industrial market.”
Cushman & Wakefield National Industrial Advisory Group brokered the transaction for John Reed Commerce Center, and Colliers’ Alex Blecksmith brokered the transactions for 2854 Supply Ave. and 6480 Corvette St. Longpoint plans to make market-ready improvements across all properties and lease remaining vacancies to a local distributor, wholesale or e-commerce tenant.