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Cohen Asset Management Buys 112k sf Distribution Building in Rancho Dominguez

11/13/20

Cohen Asset Management Inc acquired a 112.1k sf, industrial distribution building in West Rancho Dominguez for $37.32 mil ($333/sf). The property is situated on 4.54 acres at 15100 South San Pedro St, west of Avalon Blvd and north of Redondo Beach Blvd.

Built in 2019, the state-of-the-art building was developed on a spec basis and now sold by Panattoni Development Company and M. Payne Investments. The facility features 32-foot clear height and is 100% leased to a large, credit tenant. It is strategically located near LAX and the Ports of Los Angeles and Long Beach, and allows for immediate access to the 110, 105, 405 and 91 Freeways.

Ryan Plummer, Andrey Mindirgasov, Sean Fulp and Mark Schuessler with Newmark represented the buyer in the transaction. According to Plummer, even though industrial sales volume is down 35% year-over-year, Los Angeles still remains one of the most active industrial markets in the world.

Anthony Bergeman with DAUM Commercial Real Estate Services led the leasing of the building upon completion of construction on behalf of Panattoni and also represented them in the disposition of the fully leased asset.  

According to Newmark, Los Angeles County industrial vacancy has remained under 3% for 17 straight years as modern product remains in short supply. Q3 sales volume was highly pronounced and well beyond the market’s 10-year average. Average asking rents ended the third quarter of 2020 at $0.89 per square foot NNN, an increase of 2.3% from $0.87 in the third quarter of 2019; today’s rent is at a record high.




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