Press Releases

DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the lease of a 2.2-acre industrial property with a 54,648 square-foot freestanding Class A logistics facility in Montebello, Calif. The total consideration for the building’s five-year lease was $6 million.

“The industrial market in Los Angeles County seems to be slowly coming out of the doldrums caused by wider economic challenges, and this transaction demonstrates the current opportunity for industrial owners. The lessee is setting up its first ‘last mile’ distribution center in the U.S., with the expectation of adding more across the country. With vacancies at multi-year highs, growing companies with expansion plans are prime targets for in-fill leases at well-located properties like this one,” comments Dennis Sandoval, Executive Vice President and Principal at DAUM Commercial.

According to DAUM Research, Q4 2023 saw a continued increase in industrial vacancies across the Los Angeles County market. Though leasing activity fell by nearly 24 percent in Q4, per-square-foot rents remained stable at around $1.61. One silver lining, new development is decelerating. However, there are still 5.3 million square feet of industrial space under construction in the county.

The property, at 1215 East Washington Blvd. in Montebello in central Los Angeles County, is perfect for last mile distribution. 1215 East Washington sits within 10 miles of nearly 3 million Southern California residents. The property has nearly an acre of yard space for outdoor storage with 68 parking spaces and a small office space. The warehouse has a clear height of 22 feet with two drive 10’x14’ drive in slots and four loading docks. The building has a new roof and esthetic improvements have been made to the exterior.

Dennis Sandoval represented the lessor, a Toronto, Canada-based real estate investor and long-term DAUM client, in the transaction. The lessee was represented by Kun Li of Harvest Realty.

About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.

DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the sale of a 40,129 industrial property to Privy to be used as the apparel wholesaler’s expanded headquarters.

Located at 2640 E. 26th St. in Vernon, the building was sold for a total consideration of $13,750,000. Anthony Bergeman, SIOR, Michael Chase and Krishna Shegran of DAUM Commercial’s Capital Markets office in Costa Mesa represented the seller, a private investment company. Moon Lim and Ryan Judd of DAUM’S Los Angeles office participated in the transaction as well. Privy was represented by Steve Kim of One Commercial.

“Despite a drop in sales volume late last year, this deal came together in a very resilient industrial market just south of Downtown Los Angeles. The property is strategically located less than two miles from the 10 freeway with easy access to the ports and LAX Airport,” Bergeman said.

According to DAUM Research, the Los Angeles industrial market saw the median sales price per square foot dip by about 15 percent to $300.86 despite the amount of sales decreasing by 43 percent down to $852 million in Q4. In a strong signal for the market, 2640 E. 26th St. traded at $342.65 per square foot.

Bergeman said the seller had acquired the property in 2020 through a 1031 exchange and had been leasing it through DAUM since that time.

About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.

DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the lease of a 102,878 square-foot freestanding Class A industrial property in Ontario, Calif. The building was leased for a total consideration of $8,785,000 over four years.

Christopher Migliori, SIOR, Executive Vice President at DAUM Commercial Real Estate’s Newport Beach office, and Gus Andros of DAUM’s Ontario office represented the lessor in the transaction. Jeff Bellitti of JLL represented the lessee.

Located on 4.7 acres at 5505 E. Concours Street in Ontario, the facility was built in 2001. It includes 3,102 square feet of office, 14 dock high loading doors with levelers, a ground level door and a secured truck court, and BNSF rail service with six doors. The building also offers 62-car parking and four detached trailer stalls. It is strategically situated with freeway access to the 10, 60 and 15 freeways.

“Strategically located at the intersection of major trade arteries and international airport, Ontario serves as a crucial logistical hub for Southern California and positions itself as the prime mover in regional logistics and distribution,” Migliori said. “The region attracts Fortune 500 companies and e-commerce giants seeking efficient access to Ports, Freeways, and modern high-quality distribution buildings.”

According to DAUM Research, Q4 2023 saw a major spike in absorption for the region as the largest single industrial building was delivered in the Inland Empire West market. However, asking rents dipped $0.01 to $1.45 per square foot as the region’s vacancy rate increased by 99 basis points to 5.4 percent.

About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.

DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the sale of a 104,734 square-foot Class A office property. The building was sold for a total consideration of $19 million. Danielle Knudson, Executive Vice President at DAUM Commercial Real Estate and Christopher Migliori, SIOR, Executive Vice President at DAUM Commercial Real Estate represented the buyer.

“The overall office market continues to navigate challenges due to the post-pandemic declines in tenant interest, sales volume, lease rates and absorption. The discount in price for the office building offered a great opportunity to purchase a new location for the seasoned mechanical contractor. The new office will support more than 250 employees,” says Migliori.

According to DAUM Research as of the middle of Q4 2023, overall office vacancies in the Orange County, Calif., market rose 47 basis points to 18.1 percent, putting mild downward pressure on rents. Net absorption was -399,004 square feet at the start of Q4. However, the economic environment within Orange County and the U.S. overall remains generally positive. Employment continues to grow, though at a substantially slower pace with forecasted growth rates in the county below 1 percent for this year compared to 2.3 percent growth in 2023.

Originally built in 1986, the property located at 5995 Plaza Drive offers five floors of open plan office space with an average floor size of 21,000 +/- square feet. The site also includes 461 surface parking spaces for tenant use. Located in the northwestern section of Orange County, the building is in Cypress, an incorporated community of around 50,000 people which is strategically situated between Anaheim and Long Beach.

The buyer of the building is Murray Company, a leading mechanical contractor headquartered in Southern California. As owner/occupier they purchased the property at an estimated 30-35 percent of replacement value. Murray expects to occupy most of the building for their corporate offices, with over 250 employees eventually working out of the new office. A slate of improvements is planned for the property and, when completed, 5995 Plaza Drive is expected to be a highly coveted, top tier office building in the region.

Chris Migliori and Danielle Knudson of DAUM Commercial represented the buyer, Murray Company. Tom Sheets and Quint Carroll of CBRE represented the seller of the property in the transaction.

About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.

DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including tenant representation, consulting, leasing, sales, and property management, has completed the sale of a 7,098 square-foot industrial warehouse property in the heart of the Arts District of Los Angeles, California. The site was acquired by a premium developer, manufacturer, and distributor of branded apparel and other merchandise for a total consideration of $4.4 million, according to Ryan Judd, associate at DAUM.

“This property was situated in an ideal location for our client,” says Judd. “The Arts District is a highly sought-after region that has become a creative hub for a variety of businesses. This acquisition positions the new owner-user near the artists and brands that comprise their client base.”

The Arts District is a vibrant and growing area recently named “LA’s Coolest Neighborhood” by TimeOut.com. Near the center of downtown, and bordered by the Los Angeles River, Little Tokyo, and the I-5 and I-10 freeways, the Arts District is home to a host of popular cafes and breweries, art galleries and museums, and creative and technology businesses.

With sales volume up by nearly 400% in the central Los Angeles region in the third quarter of 2023, according to DAUM’s market research report for Q3, the team navigated a competitive market and acted quickly to secure the quality brick building, adds Lindsay Park, associate at DAUM.

“This was an in-demand property that was on the market for less than a week,” notes Park. “Because of our extensive network of properties and connections, we were able to match our client with the location and amenities they were searching for and negotiate an excellent price—all within a few days.”

Property features include a well-constructed bowstring truss, security system, and air conditioning.

DAUM Commercial represented Fabriquer LLC as the buyer in the sale; Chad Maxner of Maxner Real Estate represented the seller, Part-Rosin Properties. LLC.

The property is located at located at 2133 Bay Street in Los Angeles, California.

About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.