Daum Commercial Directs Sales of Nine Industrial Assets totaling more than 145 SF in Central Los Angeles, CA

Industrial complex, Central Los Angeles, CA

LOS ANGELES, CA – DAUM Commercial Real Estate Services has directed the sales of nine adjacent industrial properties, totaling more than 145,000 square feet, in Central Los Angeles on behalf of the seller, a private investor. The total consideration of the sales was approximately $18.5 million.

James Vu

            The buildings, which are all located within three miles of the heart of Downtown Los Angeles, were sold to three separate buyers, according to James Vu, an Associate at DAUM’s Los Angeles office. Vu completed the transactions alongside DAUM Vice Chairman Michael Collins and Associate Ben Spinner. 

“Our Client owned this portfolio for more than 50 years and strategically decided that now was the perfect time to sell, in order to capitalize on the high demand driven by the revitalization of Downtown Los Angeles and the influx of major companies to the submarket,” explains Vu.

“This transaction was a win for all parties involved. We were able to secure a strong price per square-foot for the seller, despite the vintage of the buildings and lack of modern industrial features, and the buyers will benefit from the continued growth in the area.”

Michael Collins

The buyers included one owner-user, who purchased a single building, and two private investors. All of the investment properties are 100 percent leased to high-quality tenants.

“Due to the area’s long-term growth potential and increasing average asking rents, this transitional location provides a unique opportunity for the buyers,” continues Vu, who notes that the buyers plan to perform light value-add renovations to the properties.

“The location and condition of these buildings present tremendous upside potential for the buyers, while also providing in-place cashflow. Central Los Angeles continues to post low industrial vacancy rates in the 2-to-3 percent range, further demonstrating the value of these assets as investment properties for the buyers.”

According to Vu, the migration of several tech firms to Downtown Los Angeles in the past few years, including Evite, Portal A, and All Def Digital, as well as several in-demand co-working spaces, has spurred the revitalization of the surrounding areas as well.

Ben Spinner

As an example of this, he points to a newly-constructed retail center featuring a CVS Pharmacy, Northgate Market, and Starbucks, within walking distance of the subject properties. 

           

 The properties, which were originally constructed in the 1950s and 60s, feature competitive amenities including major street exposure, separate legal parcels with ample parking, and dock high and grade level loading.

The buildings also offer direct access to the 110 and 10 Freeways, providing tenants ease of access throughout the region.

The properties are located on 4.55 acres of land off the intersection of Slauson Avenue and Hooper Avenue at 1177 E. 58th Drive, 1213-1217 E. 58th Place, 1206 E. Slauson Avenue, 1223 E. 58th Place, 1237 E. 58th Place, 1247 E. 58th Place, 1253 E. 58th Place, 1168-1202 E. 58th Place, and 1206-1212-1220-1226 &1232 E. 58th Place in Los Angeles, California.

 

Contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com