First Industrial Claims South Bay Warehouse, Redev Eyed
DAUM Commercial Real Estate Services completed the $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez. The buyer was Chicago-based First Industrial Realty Trust, while the seller was an unnamed cosmetic products manufacturer.
First Industrial plans to strategically redevelop the infill asset to fit robust distribution needs. The redeveloped site at 19400 and 19302 S. Laurel Park Rd. will consist of a 27,962 square-foot building with 15 docks situated on 3.98 acres of land. This redevelopment project is scheduled to be completed Q3 2021.
DAUM’s Natalie Lara advised the seller and procured the buyer, along with Jordan Lara and Andrew Lara.
Andrew Lara says, “Sourcing a buyer who could redevelop the asset to access its full potential and fulfill a huge demand in the market required several specific real estate fundamentals to come together. Ultimately, this was a true win-win scenario for both parties involved.”