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Six-Building, 464,415 SF Industrial Portfolio Sold in Vernon, CA
VERNON, CA – DAUM Commercial Real Estate Services has completed the $93.8 million sale of a 464,415 square-foot industrial portfolio encompassing six properties in the Los Angeles County submarket of Vernon, California, according to the firm’s President and CEO Michael Nubel.
Nubel, alongside DAUM Executive Vice Presidents Jerry Sackler and David Freitag, represented Gautier Land Company as the seller in this transaction and procured the buyer, Rexford Industrial Realty, Inc.
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| Michael Nubel |
“This investment transaction was the largest in the city of Vernon, an infill submarket located less than a mile from Downtown Los Angeles, in 2020,” explains Sackler, who notes that industrial vacancies in the submarket hovered at just above 3% in Q3, according to a recent DAUM market report.
“Through strategically marketing these properties and the strength of their long-term investment potential, we were able to secure a higher-than-average price per square foot for the seller as they move to diversify their portfolio.”
Nubel adds that this was accomplished through DAUM’s experience in the submarket, as well as a long-term relationship with the seller and knowledge of the portfolio:
“We’ve developed a deep partnership with Gautier Land Company spanning several decades, working with the family-owned private investment firm for more than 50 years and handling the leasing and management of all its properties for nearly 30 years.”
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| Jerry Sackler |
The well maintained single and multitenant buildings are fully leased to a diverse tenant mix and feature 20’ to 30’ clear heights and extensive dock-high loading.
“These assets are an ideal fit for Rexford’s portfolio of industrial properties located in Southern California infill markets,” continues Sackler.
“Leveraging the high demand in the Greater L.A. area and their expertise in the sector, the firm is well positioned to unlock the upside potential these properties present.”
The Vernon, California properties sit on 20.93 acres of land and include a 35,000 square-foot building located at 1921-1931 E 27th Street; a 40,437 square-foot building at 2011-2025 E 27th Street; a 98,389 square-foot building at 2031-2099 E 27th Street; a 126,563 square-foot building at 2034-2040 E 27th Street; a 63,318 square-foot building at 2750 S Alameda Street; and 2800-2840 S Alameda Street.
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| David Freitag |
Contacts:
Katie Haga / Elisabeth
Manville
Brower Group
(949) 438-6262
khaga@brower-group.com