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3/15/18
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In a recent industrial sales comp out of L.A.’s Mid-Cities area, a new 23.4k sf warehouse/distribution building in the largely industrialized municipality of Santa Fe Springs, sold for $5 mil, or about $214/sf. The property sits on 1.33 acres at 9911 Romandel Ave, just north of Telegraph Rd and just east of Santa Fe Springs Rd. It is roughly 12 miles southeast of downtown Los Angeles and 22 miles from the twin ports of Los Angeles and Long Beach.
With immediate access to the Santa Ana (I-5) and San Gabriel River (I-605) freeways, this state-of-the-art structure, features 26-foot ceilings (clear height), two dock-high loading doors, a single ground-level loading door, and a large, fully secured yard. The building also has almost 4k sf of two-story office space.
The building was purchased by an unidentified firm seeking a mid-sized warehousing and distribution building in the submarket. It was sold by Esplanade Development, a private development partnership based in Torrance.
Christopher Sheehan and Conner Reeves with Colliers International, along with Joel McCabe of The McCabe Company, represented the seller. Mike Centurioni of Coldwell Banker Commercial in Glendale repped the buyer in the deal.
Negotiations commenced in June 2017 and the property went under contract in July 2017. The price today would be approximately 10% higher, a testament to the rapid growth in the value of infill industrial buildings, according to Sheehan.
“With demand for warehousing, distribution and generalized logistics properties in urbanized locations reaching all-time highs, and vacancies falling to their lowest levels ever, we could have sold this state-of-the-art warehousing and distribution building to any number of parties due to its distinct centralized location alone,” said Sheehan. “The fact that this is a brand new building, not a rehab or renovation, and that it was built on vacant land, which in and of itself is an almost priceless commodity in today’s market, made it all the more appealing to multiple firms.”
The lack of state of the art projects available for sale in this size range makes properties like these a very rare opportunity for users needing high-velocity distribution buildings to service the population base of the Greater Los Angeles Basin.
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