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September 19, 2020
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L.A. Food Bank Pays $52 Mil for 256k sf Facility in City of Industry

8/25/20

A 255.9k sf industrial building in the City of Industry traded for $52.1 mil, or $204/sf. The property was sold by Haralambos Leasing Company.

The property, located at 2300 Pellissier Place, features a large fenced yard, ample parking, freeway frontage and a 24.8k sf office mezzanine. It is ideally located just a half mile south of the intersection of the 60 and 605 Freeways in the San Gabriel Valley.

John McMillan, Jeff Sanita, Danny Williams and Greg Stumm with Newmark Knight Frank represented the buyer, the LA Food Bank, a 501 (c)3 nonprofit organization.

“The competition to acquire large industrial assets in Los Angeles is extremely high,” said McMillan. “We had been looking for a building of this size and quality for the LA Food Bank to acquire for over a decade – the one to two options that popped up every year would quickly get acquired by institutional investors. When we discovered this building could be purchased, we wasted no time in seizing the opportunity.”

McMillan added, “Despite the pandemic, LA County’s direct industrial vacancy rate is still hovering in the low 2 percent range, and activity remains very steady. We were really fortunate to discover this option for the Food Bank. They are such an amazing organization and do so much good work for the people of LA County that we felt duty-bound to do everything we could to make this happen.”

While negative absorption is anticipated this year, LA is perhaps the most resilient industrial market in the country, according to NKF Research’s 2Q20 LA industrial report. E-commerce (and the 3PLs supporting them), which drove leasing activity in the 2008 to early 2020 cycle, is more important now than it has ever been, due to social distancing. This will lead to more final-mile centers; many of which will have a cold storage component.




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