The property asset involved in this transaction is a distribution center located at 1500 Francisco Street in Torrance, California. The sale transaction was valued at $51,500,000, encompassing a total area of 76,007 square feet. The purchase price equates to approximately $678 per square foot.

Summary of transaction details:

• Property Type: Distribution Center
• Transaction Amount: $51,500,000
• Market: Torrance
• Square Footage: 76,007
• Price Per Square Foot: $678
• Buyer: Henry Steinberg - EQT Exeter
• Lease Duration: Frito-Lay will continue to lease the property through 2035 with two five-year extension options
• Annual Rent: $2.98M with 3% annual increases

Henry Steinberg, representing EQT Exeter in this transaction, facilitated the acquisition of the property from Frito-Lay, which will maintain its operations under a long-term lease agreement.