**Palisade Group Acquires Five-Building Garfield Business Center for $97M**
Palisade Group, in partnership with vehicles managed by Benefit Street Partners, has acquired the Garfield Business Center in Commerce, California for $97 million. The property was purchased from industrial REIT Terreno Realty Corporation.
The Garfield Business Center is a fully leased, five-building industrial asset spanning 544,705 square feet. The dock-high facilities include a mix of bulk and shallow bay configurations, excess outdoor storage, trailer parking, an above-average number of dock-high doors, and a functioning rail spur. The center also offers immediate access to Interstate 5 and the surrounding freeway network.
“We were attracted to Garfield Business Center’s high-quality customer base with long tenures, excellent freeway access, above-market features, and below-market rents – all of which will allow us to execute our value-add business plan,” said Spencer Rose, Managing Principal at Palisade.
The seller was represented in the transaction by a Newmark team including Andrew Briner, Bret Hardy, Jim Linn, Aaron Banks, Luke Easton, Kevin Shannon, John McMillan, and Jeff Sanita.
