Industrial Rolls Along
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
The biggest industrial real estate owners and operators expect steady demand through 2024 and beyond despite a slowdown in the market now as well as concerns about overbuilding. Learn \why they’re so confident. And learn about an industrial deal in Los Angeles that underscores the demand for industrial.
— Tom Acitelli, Deputy Editor
Industrial Real Estate's Biggest Operators Add Space Despite Slowdown
Despite recent reports showing warehouse users ratcheting back their need for space in the post-COVID period, two major owners in the sector say they have no plans to really curb their stream of new supply. Luke Petherbridge, CEO of Link Logistics, the industrial arm of private equity giant Blackstone, said he expects his company to add a “similar volume” to the 86 million square feet it leased up in 2023. The 86 million figure was taken from reports on Link’s website, which says the number, and especially the fourth-quarter number of 23 million square feet, shows “steady demand for last-mile locations.” “We’re basically on trend to do similar leasing volume to what we did last year,” Petherbridge said. “It’s going to be a comparable number.”
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Check out our newest Deals of the Week newsletter , featuring the top commercial real estate transactions at a glance — plus a deep dive into the key players behind each transaction.
Planned Parenthood Buys LA Industrial Facility Near USC
Planned Parenthood has acquired an industrial facility adjacent to the University of Southern California in Los Angeles. The health care nonprofit put down $37.9 million for the 73,600-square-foot property over 2.4 acres just off Interstate 110, property records show. Fortress Investment Group sold the development at 320 and 336 West 31st Street after acquiring it for $22.8 million in May 2021 from the Rimokh family, which owns Signal Brands, records show. “Planned Parenthood Los Angeles is expanding its footprint and our headquarters as we prepare for the future,” read a statement sent to Commercial Observer. “We look forward to providing sexual and reproductive health care and education well into the future.” It appears the deal was not subject to L.A.’s Measure ULA transfer tax likely because of Planned Parenthood’s status as a nonprofit corporation.
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