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December 18, 2018
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Vernon Warehouse/Manufacturing Facility Goes for $24.5 Mil

11/28/18

A vacant 116.5k sf, Class A warehouse/manufacturing building in Vernon sold for $24.52 mil, or $210/sf. Vernon, an industrial city of just 5.2 square miles, is located several miles to the southeast of downtown Los Angeles.

Built in 2000, the property is situated on a 5.1-acre land parcel at 5685 Alcoa Ave. It provides many of the Class A features tenants value today, such as 30’ clearance, ESFR sprinklers, abundant parking and truck loading, a large fenced yard, and over 16k sf of high-quality, corporate image office space.

John McMillan, Jeff Sanita, Greg Stumm and Danny Williams with Newmark Knight Frank represented the buyer, a fund managed by Clarion Partners LLC. Richard Abdulian, also with Newmart Knight Frank, repped the seller, Sandberg Furniture.

The buyer is conducting a major refurbishment of the property to attract an occupier seeking a Class A industrial facility with a prime last mile location right in the heart of Los Angeles County, according to McMillan. “With a third quarter 2018 industrial vacancy rate of 1.2% in the Greater L.A. Basin, and demand continuing to far outpace supply, this space will have a strong amount of tenant interest, and should be especially appealing to e-commerce companies.”




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