DAUM COMMERCIAL COMPLETES SALE OF TWO CLASS A INDUSTRIAL BUILDINGS IN CENTRAL LOS ANGELES TOTALING $28 MILLION
DAUM Commercial Real Estate Services has completed the sale of two Class A industrial buildings totaling 53,651 square feet in central Los Angeles, California, on behalf of the seller, a private family real estate investment trust, for a total consideration of $28 million.
Jerry Sackler, an Executive Vice President and Branch Manager at DAUM Commercial, represented the seller and procured the buyer, Rexford Industrial, a leading industrial real estate firm in Southern California.
“The seller had an asset that was extremely well located in the heart of Los Angeles, in close proximity to major thoroughfares and Downtown, and was seeking to act quickly to capitalize on the high demand for industrial space in Southern California,” says Sackler. “Leveraging close existing relationships within the local industrial market, our team sourced a buyer who was able to meet the seller’s requirements and closed this transaction off market in less than 30 days.”
Amidst supply chain uncertainties and rising fuel prices, owner-users and tenants continue to seek rare available opportunities to occupy industrial properties in infill markets such as Central Los Angeles due to close proximity to shipping ports and highway transportation routes, notes Sackler.
“In Q4, central L.A. saw vacancy rates as low as 1.5% as demand for ideally located industrial space remains at record highs,” explains Sackler. “This allowed us to ultimately direct this acquisition to one of the region’s top industrial investors, who was attracted to the asset’s in-place cashflow and future value creation, resulting in a win-win for both parties.”
Sackler adds that both buildings are 100% leased to stable credit tenants.
The property offers immediate access to major freeways such as Interstate 5, 10, and 110 and State Routes 101 and 60. As one of the highest quality industrial assets in Downtown Los Angeles with state-of-the-art construction, the two-building asset also features fenced parking lots with ample room for transportation trucks and dock-high loading doors.
The buildings are located at 1501-1545 Rio Vista in Los Angeles, California and was sold for a total consideration of $28 million.
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.