LA Industrial Portfolio Sells for US $85 Million
Cushman & Wakefield has advised the sale of a ±13.43-acre industrial park comprising five buildings totaling 95,600 square feet with two land parcels totaling ±4.17 acres all on the same cul-de-sac in Los Angeles.
The portfolio is located strategically, adjacent to the Van Nuys Airport. Boston real estate investment firm Longpoint Realty Partners acquired the portfolio from private ownership.
Jeff Chiate and Rick Ellison, Executive Vice Chairmen of of Cushman & Wakefield’s National Industrial Advisory Group represented the seller supported by colleague, Mike Adey, Brad Brandenburg and Matthew Leupold represented the seller in the transaction. Local market advisory was provided by colleagues, Erik Larson, Robin Dodson and Paul Sims.
“This investment offering presented a terrific hybrid ‘covered land play’ with the existing buildings fully leased to credit tenants—which the buyer reportedly plans to upgrade—coupled with the ability to redevelop the land parcels,” says Chiate. “The property is positioned in one of the strongest industrial markets in the nation, with additional advantages including its convenient logistical location near airports and proximity to the LA/Long Beach Port Complex.”
Originally constructed during the 1960s and 1970s, the properties consist of 16320 Raymer St (12,000-sf restaurant building on ±1.69 acres), 16300-16310 Raymer St (14,700-sf industrial building on ±1.16 acres), 16251 Raymer St (33,000-sf industrial building on ±3.34 acres), 16201 Raymer St (20,000-sf industrial building on ±2.18 acres), 16161 Raymer St (15,900-sf industrial building on ±1.20 acres), 16141 Raymer St (±2.48-acre land parcel), and 8085 Woodley Ave (±1.39-acre land parcel). The project offers immediate access to Van Nuys Airport and intermodal railroad system, and close proximity to Burbank Hollywood Airport and Interstate 405.
“Van Nuys Industrial Park is truly a last-mile distribution location with access to North Los Angeles’s dense population and expansive growth. There are nearly 8 million consumers within 30 miles of the project,” adds Ellison. “The aggressive and robust industrial sector, driven extensively by e-commerce but also other industries, has led to unprecedented market rental rate growth upward.”
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