Hamid R. Moghadam's Prologis Acquires Industrial Property In Commerce For $50M

Prologis, the largest U.S. real estate investment trust, has purchased a 240,000 sq ft property in Commerce, California. The property is located at 7400 East Slauson Avenue and is valued at $50 million. The transaction was completed with David Lifschitz of The Gehr Group as the seller. This acquisition marks Prologis' expansion in the industrial market despite the softened conditions in the local area.

Summary of transation details

• Property Type: Industrial
• Transaction Amount: $50,000,000
• Square Footage: 240,000 sq ft
• Address: 7400 East Slauson Avenue
• Market: Commerce
• Buyer: Hamid R. Moghadam - Prologis
• Seller: David Lifschitz - The Gehr Group

The strategic move by Prologis includes a redevelopment plan for a 50,000 sq ft space, which has been approved by the City of Commerce. This highlights Prologis' commitment to expanding their presence in the industrial market. The transaction was priced at $208 per sq ft, which is below the L.A. County average. This acquisition reinforces Prologis' position as a major player in the real estate industry.