CITY OF INDUSTRY, CA – DAUM Commercial Real Estate Services, announces the sale of a four-building, 95,745 square-foot freestanding industrial park located in City of Industry, California, a submarket of Los Angeles, for $30.75 million.
 |
| Anthony Bergeman |
The Daum Capital Markets group of Costa Mesa represented the buyer Newport Beach based Focus Real Estate and their joint venture equity partner Long Wharf Capital.
The seller, a private investor, represented itself in the transaction.
 |
| Krishna Shegran |
 |
| Charles Johnson |
The asset affords the buyer value-add repositioning and cash-flow upside as it is situated on individual parcels with mark to market near-term lease expirations.
The
industrial park is located at 19501 E. Walnut Drive S., 1180 Wright Way, 1170
Wright Way and 19449 E. Walnut Dr. S. in City of Industry, California.
The DAUM Capital Markets Costa Mesa team of Anthony Bergeman, SIOR, Executive Vice President, and Krishna Shegran and Michael Chase, along with DAUM City of Industry’s Charles Johnson, Executive Vice President, and Joseph Harmon, Vice President collaborated with the Buyer to identify the premier property within the highly sought-after City of Industry.
 |
| Michael Chase |
“Through
our long-standing business relationships within DAUM Commercial and in the
Southern California industrial marketplace, we were able to source a rare
off-market opportunity for our client to acquire a much-valued industrial
park,” says Bergeman.
 |
| Joseph Harmon |
“The
transaction represents our capacity to leverage our extensive network to meet
our clients’ needs. It is essential to leave no stone unturned in exceeding
investor expectations, especially in a highly competitive market.”
Demand for warehouse space in Los Angeles County remains strong as rents continue to rise and developers complete new projects.
According to a DAUM report, asking industrial rental rates in the San Gabriel Valley market where City of Industry is located increased by 2.0% in Q3 from the previous quarter to a record high of $1.51 per square foot.
“With
investor interest in industrial assets in this submarket so robust, sales
prices have risen 5% and sales volume increased by 8.8% in the third quarter, requiring deep
resourcefulness to satisfy buyer demand for well-located assets,” says
Bergeman.
“Industrial investors and users are extremely interested in properties in this market, as City of Industry is composed almost entirely of industrial assets and serves as an economic hub for the San Gabriel Valley.”
CONTACTS:
Hanna
Kokuashvili / Elisabeth Manville
The Smart Agency, Inc.
(949) 438-6262
hkokuashvili@thesmartagency.com
