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3300 3430 Garfield Avenue

Palisade Group Acquires Garfield Business Center In Commerce For $97 Million
SOLDIndustrial

Palisade Group Acquires Garfield Business Center In Commerce For $97 Million

3300 3430 Garfield Avenue

$79,000,000

$145/SF

Building Size

544,705 SF

Asset Type

Industrial

Closing

May 27, 2025

AI

The property involved in the transaction is located at 3300-3430 Garfield Avenue in Commerce, CA. It is an industrial asset comprising a total of 544,705 square feet across five buildings on a 24-acre site. The property features dock-high capabilities, outdoor storage, trailer parking, and an active rail spur, with convenient access to the I-5 freeway. The sale price for the asset was $97,000,000, resulting in a price per square foot of $178.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $97,000,000
  • Buyer: Spencer Rose, David Moore & Charlie Hobey, Ryan Dunlap - Palisade Group
  • Seller: Terreno Realty Corporation
  • Brokers: Andrew Briner, Bret Hardy, Jim Linn, Aaron Banks, Luke Easton, Kevin Shannon, John McMillan & Jeff Sanita - Newmark
  • Square Footage: 544,705
  • Location: 3300-3430 Garfield Avenue, Commerce
  • Date of Transaction: 5/29/2025

Palisade Group acquired Garfield Business Center through a joint venture with vehicles managed by Benefit Street Partners, LLC. This transaction highlights the collaboration between key individuals in the property acquisition process, reflecting the strategic partnership in securing this industrial asset.

Players

Jeff Sanita

Newmark

Broker

$131.1M

vol

4 deals

Broker
Terreno Realty Corporation
Terreno Realty CorporationSeller

Commerce Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.20%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93