Palisade Group has acquired Garfield Business Center in Commerce for $97 million. The property was acquired through a joint venture with vehicles managed by Benefit Street Partners from industrial REIT Terreno Realty Corporation.
The fully leased property is a five-building, dock-high industrial asset totaling 544,705 square feet. It features a mix of bulk and shallow bay facilities, excess outdoor storage and trailer parking, above-market dock-high door count, an active rail spur and immediate access to I-5 and surrounding freeways.
“We were attracted to Garfield Business Center’s high-quality customer base with long tenures, excellent freeway access, above-market features, and below-market rents – all of which will allow us to execute our value-add business plan,” said Spencer Rose, managing principal with Palisade.
Representing the seller and assisting with the transaction was a Newmark team of Andrew Briner, Bret Hardy, Jim Linn, Aaron Banks, Luke Easton, Kevin Shannon, John McMillan and Jeff Sanita.
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