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| The 3.11-acre site in Costa Mesa, CA, which includes a 12,588 square-foot truck and automotive maintenance facility and office building, has been leased to a group of local Hyundai dealerships |
The single-tenant properties are located at 2901 Thornton Avenue, Burbank, CA, and 7748 Industry Avenue, Pico Rivera, CA.
The 3.11-acre site, which includes a 12,588 square-foot truck and automotive maintenance facility and office building, has been leased to a group of local Hyundai dealerships. The tenants plan to use the property at 3539 Howard Way, Costa Mesa, CA, as a reconditioning, repair, and storage location for its fleet.
There is a rising call for IOS properties as e-commerce
exploded during the pandemic. As logistics companies look for last-mile
delivery locations, industrial properties with excess land are in high demand,
according to Bryan Kenny, Co-Founder and President at
Bandon Capital Advisors.
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| Bryan Kenny |
“Both online shopping and consumers’ call for quick delivery
services, which escalated during the pandemic, show no signs of abatement,”
says Kenny.
“Given the rise of ecommerce and subsequent increased need for
storage and transportation properties across the United States, we’ve seen the
IOS segment soar in recent months – particularly in Southern California, as
available industrial space grows scarcer and rental rates continue to climb.
"IOS fills a critical need for logistics companies, especially in markets with little or no remaining vacant land, Kenny adds. “This is a growing asset class garnering the attention of institutional capital over the past few years.”
Contacts:
Sophia Reznicek/Lexi Astfalk
The Smart Agency
(949) 438-6262
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