Dallas-based JPI purchased a 1.6-acre section of the property, enclosed by Long Beach Boulevard, Fourth Street, Fifth Street and The Promenade North, for an undisclosed price, according to Urbanize, which first reported the news. A joint venture between Turnbridge Equities, Waterford Property Company and Monument Square Investment Group will retain and develop the rest of the roughly 14-acre site.

The owners of a 333,572-square-foot warehouse have sold the asset for nearly double what they paid for it just two years ago, adding to the high sales volume in Southern California. MDH Partners paid $112.3 million, or $337 per square foot, for the Harvill Avenue Logistics Center in the Inland Empire, according to data provided by Vizzda.