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TRANSWESTERN ACQUIRES 4.6 ACRE SITE IN NORTH LOS ANGELES FOR NEW INDUSTRIAL FACILITY
Palmdale’s Legacy Lane Will Add Nearly 100,000 SF in Tight Market
(JULY 19, 2022 – PALMDALE, CALIF.) – Transwestern Investment Group (TIG®), on behalf of a separately managed account, announces it has acquired 4.6 acres in the Palmdale/Lancaster submarket of North Los Angeles, and is partnering with Transwestern Development Company (TDC®) to build a 99,840-square-foot industrial property on the site. Construction is scheduled to begin in March 2023 with delivery anticipated in the first quarter of 2024.
“Industrial vacancy in Greater Los Angeles is less than 1.0% as of the first quarter, and even tighter in the Antelope Valley region,” said Mike McKenzie, Director of Acquisitions for TIG. “This facility will satisfy the needs of an owner/user or tenant that wants the convenience of connectivity to Los Angeles, but at a greater value than the fully occupied San Fernando and Santa Clarita Valley markets.”
Legacy Lane will be situated east of the 14 Freeway and just south of Palmdale Regional Airport. Property features include 32-foot clear height, 15 dock doors, an ESFR sprinkler system, office space and a 90/1000 parking ratio. The site is under five acres, which qualifies the project for a California Environmental Quality Act (CEQA) exemption.
“There is virtually no availability in the Greater Los Angeles area and the Inland Empire market is also nearing full occupancy,” said Steve Batcheller, West Regional Partner for TDC. “The CEQA exemption limits the scope of entitlement requirements, which will enable us to bring this facility to market quickly.”
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is a real estate investment adviser with $5.2 billion of assets under management. The firm serves a broad range of institutional and high-net-worth investors with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The investors included in this press release were not selected based on performance, but because they are some of the largest well-known investors with similar strategic alliances. It is not known whether these investors approve or disapprove of TIG or the services or products it provides.