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| 60,040-SF Industrial property, 1100 West Walnut Street Compton, CA |
COMPTON, CA – DAUM
Commercial Real Estate Services has directed the trade
of a 60,040 square-foot industrial building in the Los Angeles County submarket
of Compton, California on behalf of both the seller, Hot Chocolate, Inc., an
apparel distributor, and the buyer, Terreno Realty Corporation, a San Francisco-based
public real estate investment trust.
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| Alex Nagel |
Casey Mungo, an Executive Vice President at DAUM’s Mid-Counties office,
Matthew Boggs, Vice President of DAUM’s Los Angeles office, and Alex Nagel,
Associate Vice President at DAUM’s Los Angeles office, directed the transaction
for a total consideration of $11.1 million.
“With this acquisition, we assisted the buyer in securing a unique
opportunity to strategically upgrade a well-located property to meet the
growing demand of industrial users in the region, and benefit from the
increased average asking rents,” explains Nagel.
“Prior to bringing the asset
to market for lease, the buyer is completing extensive renovations and
equipping the property with in-demand industrial amenities, including energy
efficient lighting and a complete cosmetic makeover.”
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| Casey Mungo |
Nagel also notes that the Los Angeles submarket has seen industrial
vacancy rates remain unchanged at a tight 2.3-percent, according to a recent DAUM
Commercial Q3 industrial report, due to sustained high demand and a lack of inventory.
“This transaction was also a win for the seller, who brought the property
to market in conjunction with its desire to relocate to another property that
better fit its business needs,” continues Nagel.
“Through our strategic
marketing efforts, we were able to garner interest from multiple buyers and
ultimately secured an offer $20 per-square-foot higher than recent industrial
sales in the area.
"This directly reflects the continued unmet demand for
industrial property in the region and decreasing availability for assets of
this size.”
DAUM Commercial has also been retained by the buyer to market the property
for lease to a high-credit tenant.
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| Matthew Boggs |
The asset offers competitive features including a fenced and private yard,
26’ clear height ceilings, six dock-high doors, and 4,900 square feet of office
space.
Located at 1100 West Walnut Street in Compton, California, the property
also provides immediate access to the 91, 710, and 110 freeways, providing ease
of access throughout the region.
More information is
available at www.daumcommercial.com.
CONTACT:
Lindsay Mackay / Elisabeth Manville
Brower Group
(949) 955-7940
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