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August 12, 2020
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Investors Warming Up to Cold Storage


A BentallGreenOak client paid $61 mil for a 230.2k sf ($265/sf), single-tenant industrial property in the City of Industry. The building, completed in 2015, is located at 300 N. Baldwin Park Blvd, just off the 605 and 10 Freeways.

The property is 100% occupied by Jacmar Foodservice Distribution. The privately-owned company, which services the region’s restaurant industry, just signed a new 10-year lease at the property, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.

Cameron Merrill with CBRE represented the seller, 300 Baldwin Park LLC, a private owner.

“The Baldwin Property is true a Class A infill building with features comparable to a brand-new construction,” said Merrill. “We fielded multiple offers from very qualified buyers that were drawn to the strategic location of the property at the western end of the City of Industry, with drive around access, high-quality office space and more. This truly was a one-of-a-kind opportunity.”

The Greater Los Angeles industrial market showed its resilience is rooted in solid fundamentals of limited supply and strong demand, according to CBRE’s fourth-quarter research. The region had the lowest industrial vacancy across the nation in the last quarter, decreasing 20 basis points year over year to 1.4%, compared with the national average of 4.4%. This in turn attracted more than $1.3 bil in capital in Q4 with the average price per square foot rising from $171 to $210 year over year.

Cold-storage facilities have been in increasing demand. Investors increasingly are warming up to the sector, pushing cap rates for class A facilities closer to those of traditional high-quality warehouses, according to a new report from CBRE. This has been especially true in markets with low availability rates such as Los Angeles. The metro is among the five markets with the lowest available space at 4%, following only Detroit at 3.3%, Savannah with 3.6% and Milwaukee with 3.8%.

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