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12/31/14
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American Realty Advisors closed out 2014 with the purchase of a 174.3k sf industrial building in Santa Fe Springs. The building, located at 15050-15066 Shoemaker Ave, was sold by Lincoln Property Company.
The property, a Class A, multi-tenant industrial building located in Los Angeles’ Mid-Counties submarket, offers units ranging in size from 13.9k sf to 50.3k sf. It is 100 percent leased to five tenants, including JB Hunt Transport, a Fortune 500 company, Spartech, the world’s leading manufacturer of extruded plastic sheets, Sysonic, a leading manufacturer and importer of automotive accessories, and Pacific Diving Academy, a nonprofit diving organization, with an average lease term of 2.75 years.
The building features include 24’ minimum clearance height, 40 dock-high loading doors, approximately 121 foot truck courts, and ample parking. It has direct access to Interstate 5 and is in proximity to the 605, 105, 710, 405, and 110 freeways, as well as state routes 91, 57, and 60.
CBRE Vice Chairman Darla Longo, Vice Chairman Barbara Emmons and Vice President Rebecca Perlmutter Finkel, with local support from Senior Vice President Laird Perkins, represented both parties in the deal.
According to Emmons, strong demand has pushed the Mid-Counties’ 133 msf of industrial space to its lowest level of available supply in six years. The decreasing vacancy rate of just 3 percent has contributed to increasing rental costs and a forecasted growth of 6.9 percent in 2015.
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