RANCHO DOMINGUEZ, CA-First Industrial Realty Trust has acquired a 125,000-sf warehouse on 6.4 acres and plans to redevelop the site into an $18 million, 140,000-sf distribution facility, according to the Goodglick Co. The Chicago-based REIT bought the property, which is at 18201 S. Santa Fe Ave., for $6 million from Elliott's Designs Inc., a specialty metal furniture manufacturer.
The property sale was brokered by Bob McIntyre of Goodglick, who represented both the buyer and the seller. McIntyre says that First Industrial's new project will be marketed for sale or lease, with the Goodglick Co. as the listing agent.
The new facility will be geared toward companies shipping goods into the South Bay from the ports of Los Angeles and Long Beach. The vacancy rate for the Rancho Dominguez industrial submarket stood at just under 3% at the end of the first quarter, according to recent market reports.
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