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| 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.
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| 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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