The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 17, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Exchange Investor Spends Over $10 Mil on 53k sf Biz Park in Rancho Dominguez

7/30/19

A 1031 exchange investor paid $10.45 mil for Laurel Park Commerce Center, a fully occupied, 53k sf ($197/sf) business park in Rancho Dominguez, within southwest L.A. County. The property was sold by PRG Investment & Management Inc. We’re told the deal set a record for the highest price per-square-foot for a comparably sized business park in the South Bay submarket.

PRG acquired the property, located at 19500-19520 Rancho Way, in September 2011 in a short sale transaction for $3.9 mil ($79/sf). At the time of acquisition, the business park was 80% vacant and existing tenants were on month-to-month rental agreements. The 3.6-acre project was originally built in 1986 by Watson Land Company.

The project is currently occupied by 10 tenants in a variety of industries including biotech, international manufacturing, LED lighting, and import/export. It is located adjacent to the Dominguez Technology Center, the largest master-planned industrial business park in the South Bay.

Kendall and Gian Bruno of Colliers and Steve Bohannon of Cushman & Wakefield represented PRG in the transaction. Eric Strauss of America West Properties repped the buyer.

“Our original business plan was to execute our PRG value-add strategy, which involved cosmetic enhancements, leasing the units to quality tenants seeking good value, and creating a stronger property cash flow,” said PRG Managing Partner Britten Shuford, a co-founder of the firm. “We were successful in quickly stabilizing the business park sooner than expected at rents which were higher than projected.”





Return to the previous page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media