DAUM COMMERCIAL COMPLETES CHALLENGING INDUSTRIAL SALE IN LOS ANGELES COUNTY’S SOUTH BAY MARKET
DAUM Commercial Real Estate Services has completed the sale of a two-building industrial complex totaling 145,000 square feet in the South Bay submarket of Los Angeles County, California.
The asset was acquired by Hager Pacific Properties, a Newport Beach-based real estate investment firm specializing in industrial, retail, and hospitality renovation projects, according to Michael Collins, Vice Chairman at DAUM Commercial, who represented the seller, a private party, in the transaction.
“Our client owned a fully leased, well-located asset in the highly desirable South Bay submarket that had environmental concerns,” explains Collins. “Based on our deep and long-standing relationships within the Southern California industrial investment community, we were able to source a buyer who is well equipped to address the challenges, ultimately closing at a price based on the current status of the property.”
Collins notes that the property is located in one of the tightest industrial submarkets in the county, which is seeing compressed vacancy rates near 2%, according to a recent DAUM report.
“This is a prime opportunity for the buyer to leverage previous experience remediating environmental issues and implement a proven value-add strategy to realize the upside,” continues Collins. “Rob Neal of Hager Pacific Properties was a delight and honored all of his timeframes and commitments, allowing for a smooth transaction.”
The asset consists of one 108,000 square-foot building and one 37,000 square-foot building, with each leased to a single tenant. The complex benefits from frontage on three streets, convenient access to major area freeways, and close proximity to Downtown Los Angeles and the Ports of Los Angeles and Long Beach.
The complex was sold for a total consideration of $17.25 million and is located at 13255 S. Broadway & 360 W. 132nd Street in Unincorporated Los Angeles County, California.
Collins has worked in the Southern California commercial marketplace for the past four decades. He primarily specializes in the sale of leased investment properties on behalf of institutions and high-net-worth individuals. Additionally, he represents building owners to lease their larger industrial facilities. Michael can be reached at [email protected]
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 ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.