|
3221 East 59th 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 59th 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