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| 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.
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| 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.”
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| 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
(949) 955-7940
lmackay@brower-group.com
