Dunbar Real Investment Management & Penwood Real Estate Investment Management Acquire High Image 83,154 SF Building Along Rosecrans CorridorJan 6, 2012
Dunbar Real Estate Investment Management announced today that an affiliate completed the acquisition of an industrial building on 3.37 acres, located at 4880 W. Rosecrans Avenue in Hawthorne, California. The 83,154 square foot building features corporate headquarters offices, 22’ clear warehouse space with six dock high doors and a 150’ truck court.
Brad Levin, Vice President of DAUM’s South Bay office represented the buyer and seller in the transaction. The single tenant property will be vacated in the first quarter of 2012 by Ancra International, LLC and will be immediately offered for lease or sale by Brad Levin.
The purchase gives Dunbar “a unique value-added opportunity to renovate a high quality asset in the South Bay industrial market of Southern California, which is one of the most sought after industrial markets in the United States by tenants and investors alike” said Ross Mitchell, President of Dunbar Real Estate Investment Management. He added “the location on Rosecrans Avenue, within 2 blocks of the 405 Freeway, gives it a unique appeal to users looking for a functional asset with superior visibility and freeway access near LAX and the Westside”. Brad Levin indicated that there are very few functional larger buildings in the Beach Cities/LAX industrial submarket that are available for sale or lease and that 4880 Rosecrans is well positioned to appeal to users looking for a corporate headquarters use.
The investment by Dunbar is a partnership with Hartford, Connecticut based Penwood Real Estate Investment Management, an institutional value-added real estate investment advisory firm. Jim Baldyga, Assistant Vice President of Penwood, remarked, “Penwood is very pleased to make this acquisition. The asset offers excellent access, visibility and function for potential industrial users, and those attributes, along with its location within the historically tight Beach Cities/LAX market, are expected to drive strong performance for our investors.”
This marks the fourth acquisition for Dunbar since its formation in June 2011. The firm is focused on value-added opportunities in the Southern California and Phoenix marketplaces. The firm is located in El Segundo, California and invests on behalf of private and institutional investors. More information is available at www.dunbarinvestments.com.
Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a registered Investment Adviser based in Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood is currently focused on value-added investments through the construction, redevelopment, reposition, and rehabilitation of industrial property in major seaport markets.
DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 9 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent over 50 independent commercial real estate brokerages, with more than 2,200 associates, in over 170 offices throughout 32 countries. In 2007 ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.com.