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North Palisade Partners paid $14.1M for a 2-acre Rancho Dominguez site it plans to turn into industrial outdoor storage.
The property at 18931 South Laurel Park Road was purchased from the Apprentice and Journeymen Training Trust Fund of the Southern California Plumbing and Piping Industry, which will continue to use the site through a 12-month sale-leaseback deal.
In early 2024, construction will begin to turn the property into IOS, and it will be complete by the third quarter of the same year, according to a release from North Palisade.
IOS properties are usually lots used to securely store trucks, equipment and other materials.
The spike in demand for industrial real estate has been accompanied by a rise in IOS, as property owners realize they are able to charge profitable rents without incurring the expense of putting up a building.
"We remain bullish on industrial outdoor storage facilities that can serve a wide range of logistics or distribution operators," North Palisade Partners Managing Partner Joe Mishurda said in a statement. "The site is perfectly situated in the South Bay submarket. It would be difficult to find a better infill location.”
Cushman & Wakefield’s Brandon Gill, Brandon Burns and Jae Yoo represented the seller in the off-market transaction.
North Palisade Partners, which focuses on IOS and self-storage, has four other IOS projects under development.
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