Alameda Trade Center and Downtown LA Portfolio

In 1988, Lowe and a joint venture partner acquired a portfolio of downtown Los Angeles industrial properties consisting of over 112 acres of land and 2.6 million square feet of existing industrial buildings from Southern Pacific Transportation Co.  Included in the purchase was the historic Seventh Street whole­sale produce market, built in 1917, the largest privately owned produce distribution terminal market in Southern California.  The portfolio also included the site of the Alameda Trade Center (“ATC”), a 23-building, 630,000-square foot warehouse/distribution park that was targeted primarily to import/export and other warehouse/distribution users.  Lowe negotiated the first Free Trade Zone (FTZ) designation in the downtown Los Angeles area for the project as a whole, thereby offering smaller business advantages that are not typically available to them, such as simpler customs procedures and the waiver of certain duties, taxes and fees.  ATC offered ownership opportunities to entrepreneurs of all sizes and was developed and sold over a two-year period.  The final building was sold in mid-2000.