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8/27/18
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A private investor collected $18.5 mil from the sale of nine adjacent industrial properties in central Los Angeles totaling roughly 145k sf ($127.50/sf) of space. The buildings, which are all located within three miles of the heart of Downtown Los Angeles, were sold to three separate buyers.
The buyers included one owner-user, who purchased a single building, and two private investors. All of the investment properties are 100% leased to high-quality tenants.
The properties, which were originally constructed in the 1950s and 60s, feature competitive amenities including major street exposure, separate legal parcels with ample parking, and dock high and grade level loading. The buildings also offer direct access to the 110 and 10 Freeways, providing tenants ease of access throughout the region.
The properties are located on 4.55 acres of land off the intersection of Slauson Ave and Hooper Ave at 1177 E. 58th Dr, 1213-1217 E. 58th Place, 1206 E. Slauson Ave, 1223 E. 58th Place, 1237 E. 58th Place, 1247 E. 58th Place, 1253 E. 58th Place, 1168-1202 E. 58th Place, and 1206-1212-1220-1226 &1232 E. 58th Place in Los Angeles.
James Vu, Michael Collins and Ben Spinner with DAUM Commercial Real Estate Services represented the seller in these transactions. The seller had owned the portfolio for more than 50 years.
“Due to the area’s long-term growth potential and increasing average asking rents, this transitional location provides a unique opportunity for the buyers,” said Vu, who notes that the buyers plan to perform light value-add renovations to the properties. “The location and condition of these buildings present tremendous upside potential for the buyers, while also providing in-place cashflow. Central Los Angeles continues to post low industrial vacancy rates in the 2-to-3 percent range, further demonstrating the value of these assets as investment properties for the buyers.”
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