J.P. Morgan Asset Management snapped up a pair of Santa Fe Springs warehouses in the biggest industrial sale so far this year in Los Angeles County.
The New York investment bank’s asset management arm paid $176.5 million, or about $329 per square foot, for Prudential Financial’s 15614-15620 and 15700 Shoemaker Ave. in the industrial suburb about 20 miles southeast of downtown L.A., according to a deed recorded Sept. 16.
The buildings were completed in 1997 and have been owned by Prudential’s investment manager arm, PGIM, since at least 2011, property records show. The trade values the property above the surrounding Cerritos-Norwalk submarket’s average industrial sale price of $284 per square foot, according to CoStar.
A representative for J.P. Morgan declined to comment on the deal, and PGIM did not respond to a request for comment.
Triple-net lease
Cicero, Illinois-based wine, beer and spirits wholesaler Breakthru Beverage Group signed a 10-year triple-net lease for all 521,091 square feet across both buildings in 2025 after Denver-based VF Outdoors vacated the property, as the Business Journal previously reported. Asking rent was $17.16 per square foot, according to CoStar.
The Shoemaker Avenue property is Breakthru’s fifth facility in California, a spokesperson for the firm told Santa Fe Springs planning officials in a meeting last year. The company uses it as a distribution center for alcoholic beverages making their way to local licensed retailers.
The $176.5 million deal blows past the previous record for L.A. county’s biggest industrial sale so far this year, according to market reports by Kidder Mathews. That was a $123 million sale of Link Logistics’ 265,418-square-foot Link South Bay Distribution Center to Golden Star Trading in January, as the Business Journal previously reported.
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