San Francisco Real Estate Firm Buys 60k sf Industrial Building in Compton
A 60k sf, industrial building in the city of Compton has traded hands for $11.1 mil, or $185/sf. The property was acquired by Terreno Realty Corporation, a San Francisco-based public real estate investment trust.
Located at 1100 West Walnut St, the property provides immediate access to the 91, 710, and 110 freeways, offering ease of access throughout the region. The asset features a fenced and private yard, 26’ clear height ceilings, six dock-high doors, and 4.9k sf of office space.
Casey Mungo, Matthew Boggs and Alex Nagel with DAUM Commercial Real Estate Services represented the buyer and the seller, Hot Chocolate Inc, an apparel distributor, in the transaction. DAUM has also been retained by the buyer to market the property for lease to a high-credit tenant.
“With this acquisition, we assisted the buyer in securing a unique opportunity to strategically upgrade a well-located property to meet the growing demand of industrial users in the region, and benefit from the increased average asking rents,” explains Nagel. “Prior to bringing the asset to market for lease, the buyer is completing extensive renovations and equipping the property with in-demand industrial amenities, including energy efficient lighting and a complete cosmetic makeover.”
Nagel also notes that the Los Angeles submarket has seen industrial vacancy rates remain unchanged at a tight 2.3%, according to a recent DAUM Commercial Q3 industrial report, due to sustained high demand and a lack of inventory.