Longpoint Realty buys City of Industry warehouse park for $80M

Longpoint Realty Partners has bought a cluster of warehouses in the City of Industry for $80 million. 

The Boston-based firm bought the John Reed Commerce Center, a 275,000-square-foot development at 1201 John Reed Court, according to property records filed with L.A. County. The deal came out to $290 per square foot. 

A Cushman & Wakefield team led by Jeff Chiate and Jeff Cole brokered the deal, according to a LinkedIn post. No loan documents were filed in connection with Longpoint’s buy. 

Longpoint did not respond to a request for comment.

DWS Group, a German asset management firm that previously operated under Deutsche Bank,  sold the property. The firm purchased the industrial park in 2007 for an undisclosed sum, records show. 

In terms of price-per-square-foot, the sale for the 1978-built industrial property came out higher than what some Downtown L.A. office properties have traded for in recent months. KBS sold Union Bank Plaza at the end of March for almost $160 a square foot. 

The property is 83 percent leased to 32 different tenants, according to Cushman & Wakefield. 

Longpoint has boosted its portfolio of Southern California industrial properties over the last few years. Last year, the firm dropped $80 million for a four-building, 85,000-square-foot industrial complex in Van Nuys — about $6.8 million per acre. 

That deal was one of the priciest industrial deals on a per-acre basis in Los Angeles County last year — almost double what Blackstone spent on a per-acre basis to buy a 14-acre site in Long Beach. 

In March, the firm also bought a shopping center in Montclair for $22.7 million. 

Within the City of Industry, Pacific Industrial recently spent $44 million for an industrial building on nearly 10 acres with plans to tear it down and build a 215,000-square-foot warehouse.