Tuesday, May 26, 2020

Daum Commercial Completes $14.35 Million Sale of Warehouse Complex in Tight Los Angeles County Submarket


 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.  


Jordan Lara 
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. 

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. 

 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. 


CONTACTS:

Katie Haga / Elisabeth Manville   
Brower Group  
(949) 438-6262  
khaga@brower-group.com 



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