Thursday, September 28, 2017

Daum Commercial Directs Sale of 8.9 Acre Land Site in Los Angeles, CA Basin


Dennis Sandoval
IRWINDALE, CA – DAUM Commercial Real Estate Services has completed the sale of an 8.9-acre land site in Irwindale, California on behalf of the seller, Harrison Nichols Company. The parcel is one of just a few of its size in the Los Angeles Basin region, according to Dennis Sandoval, Executive Vice President at DAUM Commercial.

“With limited infill land sites in the supply-constrained region, the opportunity to acquire this property proved very appealing to several developers,” explains Sandoval, who directed the disposition with Tom Phelan, a Vice President at DAUM. “San Gabriel Valley’s industrial vacancies are holding in the low-2-percent range, so this is an investment that will prove highly valuable for the buyer.”

The buyer, privately-owned industrial real estate developer CenterPoint Properties, will benefit from the site’s existing lease with UPS, as well as its potential for future development, according to Sandoval.

“This property was well positioned for sale based on our team’s long history of work with the seller – a family-run, Southern California-based long-term truck hauling business,” he explains.

“DAUM established a deep relationship with Harrison Nichols Company and served as their corporate real estate consultants and a single point of contact on valuations, lease renewals, and personal investments for several years. Based on this tenure, we were uniquely positioned to understand our Client’s goals, and to identify a buyer and structure a transaction that maximized value for the site.”

The land, which housed the seller’s operations for more than 40 years, is currently leased to United Parcel Service (UPS) for vehicle storage. DAUM assisted in negotiating the lease with UPS in 2015.

Tom Phelan
“By securing this lease, we were able to offer buyers the opportunity to purchase one of the few available parcels of land in the highly-developed and desirable Los Angeles Basin with the added benefit of an in-place lease with a Fortune 100 company,” Sandoval notes.

In the long term, the buyer plans to utilize the land for an industrial development. Until then, the existing lease with UPS will help to supplement the cost of the parcel, according to Sandoval.

The property, located at 5265 4th Street in Irwindale, California, was acquired for $9.8 million. Mike Fowler of JLL represented the buyer in this transaction.

For more information on this press release, please contact:

Lauren Burgos ·
Junior Account Executive
O 949 955 7940
Brower, Miller & Cole
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
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