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| Natalie Lara |
RANCHO DOMINGUEZ, CA, May 26, 2020
– DAUM Commercial Real Estate Services recently completed
the $14.35 million sale of two
industrial warehouses totaling more than 85,000 square
feet in the South Bay submarket of Rancho Dominguez, Los Angeles
County, California, on behalf of both the seller and
the buyer.
DAUM Associate Natalie Lara played
an instrumental role in advising and understanding the goals
of the seller, a cosmetic products manufacturer, and in
identifying an ideal opportunity for the buyer, First Industrial
Realty Trust, whom she procured alongside DAUM Executive Vice
Presidents Jordan Lara and Andrew Lara.
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| Jordan Lara |
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| Andrew Lara |
The Chicago-based publicly
traded real estate investment trust, which owns and operates
a national portfolio of industrial assets, plans to maximize the
value of the property’s unmatched infill location by completing strategic
redevelopment, according to Natalie.
The redeveloped
site will consist of a 27,962 square-foot building with 15 docks
situated on 3.98 acres of land.
“We immediately
recognized that this building’s prime location was well aligned with
the buyer’s investment strategy of focusing on the creation
of long-term value within infill markets like the South
Bay,” says Natalie.
According
to Jordan Lara, the property’s close proximity to the 710,
91, 405 Freeways and Ports of Long Beach and Los Angeles opened up
a significant value-add opportunity for the buyer.
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| DAUM closes $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez, Los Angeles County, CA |
“While this
property, as built, is primarily suited to manufacturing and light distribution
needs, we strategically determined that the future of
this asset could be more of
a robust distribution operation, based on its location in
a booming logistics environment,” explains Jordan.
Andrew Lara adds:
“Sourcing a buyer who could redevelop the asset to access its full potential
and fulfill a huge demand in the market required several specific real estate
fundamentals to come together. Ultimately, this was a true win-win scenario for
both parties involved.”
This redevelopment
project is scheduled to be completed 3rd Quarter 2021. The property is
located at 19400 and 19302 S. Laurel Park Road in Rancho Dominguez,
California.
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