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Industrial Facility in L.A.’s Harbor Gateway Trades in $21 Mil Transaction

7/10/18

CenterPoint Properties, an Illinois-based real estate investment company, paid $21 mil for a 125.8k sf ($167/sf) industrial facility in Los Angeles’ Harbor Gateway area. Located at 13217 South Figueroa St, south of El Segundo Blvd on the east side of the 110 Fwy, the asset was sold by Goldrich & Kest Inc, out of Culver City.

The property is a single-tenant, industrial building featuring 33 dock-high positions and a large private fenced yard area. Refurbishment plans are currently under consideration, which would include the construction of approximately 12k sf of a new two-story office.

Robert Flores and John Privett of CBRE represented the buyer and the seller in the transaction.

“This building is going to be attractive to a broad mix of tenants because it’s strategically located with convenient access to the Ports of LA and Long Beach, LAX Airport, Downtown LA and the Westside” said Privett. “Additionally, with almost two million people living within a seven-mile radius, it makes this an attractive location for e-commerce fulfillment and last-mile deliveries.”

Industrial real estate in infill Los Angeles has seen unprecedented demand from both users and investors alike in recent years. The market remains historically tight and demand continues to outpace supply. According to CBRE Research, the vacancy rate in the South Bay industrial market at the end of Q1 2018 was 0.8% and expected to be slightly lower when Q2 numbers are finalized.






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