Turnbridge Equities, a New York City-based real estate investment and development firm, has acquired Eton Industrial Park, a 205,000-square-foot multi-tenant industrial park located in the Canoga Park neighborhood of Los Angeles, for $28 million.
The property is currently 70% occupied, which the company noted was below the submarket average of 98%, and it features suite sizes ranging from 1,400 to 22,000 square feet. Turnbridge planned to invest capital to enhance the property’s operations, adding the acquisition is the company’s first transaction focused multi-tenant industrial properties throughout Southern California.
“We are excited to launch our new investment strategy on the West Coast with Eton Industrial Park,” said Michael Gazzano, managing director of investments for Turnbridge Equities’ West Coast office. “Given the infill nature of the Greater Los Angeles region with the limited amount of industrially zoned land available for new development, coupled with particularly high construction costs for multi-tenant industrial specifically, we like the supply constraints for this segment of the market.”
