Daum Commercial brokers $11 million industrial asset in Long Beach, CA

3221 East 59^th Street in Long Beach, CA

 

LONG BEACH, CA – DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has directed the acquisition of a 38,233 square-foot industrial distribution asset at 3221 East 59^th Street in Long Beach, California for over $11 million.

 

Michael Collins

The property was purchased from Metra Electronics, a 75-year-old electronics firm and worldwide leader in the manufacturing and distribution of after-market automotive audio, lighting, and safety accessories.

 The transaction, completed by Michael Collins, Vice Chairman and Director of DAUM’s Capital Markets Group, and Dustin Hullinger, Associate in DAUM’s Capital Markets Group, is the latest in a series of real estate deals the company has directed for this high-net-worth private investor. 

 Dustin Hullinger

This demonstrates the firm’s ability to maintain long-standing client relationships and satisfy demand in the industrial sector, according to Collins.

“Our company has a rich history of achieving successful outcomes for our clients, which is why they continually return to us when seeking commercial real estate representation,” says Collins.

“We were pleased to have another opportunity to serve this buyer in their search for an investment with strong potential in an extremely tight industrial market.”

 Brian Held 

With a 1.1% industrial vacancy rate at the end of Q2 2022, the Los Angeles-Long Beach (South Bay) market is experiencing high demand from users in the area for quality distribution assets, making the acquisition of this property especially noteworthy, says Hullinger.

“The competition for well-located industrial space in the South Bay is notoriously fierce,” says Hullinger.

Rob Flores

“Through our deep knowledge of the market and our extensive network of industry connections, we were able to secure a property for our client that meets all their investment requirements and positions them for ongoing positive cash flow well into the future.”

DAUM represented the buyer in the sale/leaseback transaction, while Metra was represented by Brian Held and Rob Flores of CBRE.

 

Contacts: 

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com