Prologis buys 11-acre industrial asset in Southern California from AT&T
Prologis has purchased an 11-acre industrial site located at 2420 Yates Ave. in Commerce, Calif., from AT&T, the Los Angeles Business Journal reported on Aug. 15.
The $41.4 million deal includes an 85,000-square-foot industrial facility and an office space.
Low vacancy rates in the region’s submarket, in addition to its proximity to dense populations, terminal transportation facilities and accessibility to downtown and the South Bay drew the firm’s interest in the asset.
“This was an extremely rare, off-market opportunity for us, and we jumped on it,” noted Darren Kenney, a vice president and investment officer at Prologis.
According to research recently conducted by Prologis, industrial vacancies are predicted to remain at historic lows, as supply lags behind demand in aggregate. The study forecasts 250 million square feet of net absorption and 260 million square feet of new supply in 2019, keeping vacancies low.
