The Tape
13900 Carmenita RdSold
$51.25M Owner-User Deal Where the Investment Math Simply Does Not Close
An Owner User - Travelers Luggage Paid a Number that doesn't make Sense.
At a glance
closed Aug 5, 2026
on 150,548 GBA
single-story
6.53 acres
bldg/land ratio
Class A, 4-star
Bank of America, conventional
implied at sale price
Ares in, Ares out
SF Springs / La Mirada
vs. $15.45 submarket avg
Travelers Club Luggage
What matters
- Travelers Club Luggage bought 13900 Carmenita Rd for $51,250,000 on 8/5/2026.Seller was Ares Management.
- This is an owner-user deal.The buyer is moving in, not renting it out. Bank of America financed it. Loan balance $37,412,500.
- 150,548 square feet.Built 2022. Class A. Single tenant. 32-foot clear. 16 dock doors. 6.53 acres. Truck court 135 feet. $340.42 per foot.
- Rents are down in this Market by about 5% in the last 12 months.
The Location
13900 Carmenita Road sits in Santa Fe Springs, an industrial-zoned city.
What an Operator Sees
At $340/SF, I would have a hard time making this deal work as a traditional investment. CoStar puts the market closer to $305/SF, and at the indicated $19.61/SF market rent, the $51.25 million purchase price is roughly 17.4x annual rent before expenses.
But Travelers Club Luggage was not buying a yield.
They were buying their own facility.
This is a 2022 Class A industrial building with 32-foot clear, 16 dock doors, a 135-foot truck court and 6.53 acres.
For an operating company that needs this exact facility, control of the real estate can be worth more than what an investor can justify from the rent roll.
The bigger takeaway may be on the seller side.
Ares owned this for only 17 months and found the buyer who could pay the most for it: the user.
That is often where the highest industrial price comes from not another landlord underwriting a cap rate, but a business underwriting what the building is worth to its operations.
This is why its hard for investors to own Industrial. Owner Users are willing to pay a number that doesn't make sense to an Operator.
I would not use this sale as an investment comp. I would absolutely use it as an owner-user comp.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 6, 2026 edition of The Tape.