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Dedeaux Properties Sells L.A. Food Storage Portfolio

12/30/20

A four-building, 290.4k sf cold storage and food processing portfolio in Los Angeles traded hands in a recent transaction. The seller was L.A.-based Dedeaux Properties.

The portfolio is comprised of four net-leased assets:

• 4000 Noakes St, Commerce – 111.3k sf
• 3425 E. Vernon Ave, Vernon – 84k sf
• 3435 E. Vernon Ave, Vernon – 57k sf
• 3501 E. Vernon Ave, Vernon – 38.1k sf

Each building was 100% leased at the time of sale to a diverse mix of food processing, cold storage and ready-to-serve meal delivery-oriented tenants. The portfolio’s central location presents easy access to primary Southern California markets including Los Angeles, Orange County, the Inland Empire and San Diego County. The buildings were part of a larger industrial portfolio acquired by a Dedeaux-led joint venture in 2016.

Bret Hardy, Jim Linn, Andrew Briner, Kevin Shannon, John McMillan, Scott Schumacher and Jeff Sanita of Newmark, with cooperation from Scott Delphey of Food Properties Group, represented Dedeaux in the deal. The undisclosed buyer is a global real estate services company. The price was not given out.

“The assets are all located in what is arguably the ground zero location for food processing and distribution facilities in Los Angeles, one of the strongest submarkets of its kind in the U.S.,” said Dedeaux Principal Brett Dedeaux. “During our hold period, these assets more than exceeded our business plan and with a huge supply/demand imbalance for large scale food processing and cold storage facilities, it was a good to time sell. The portfolio’s location combined with the resiliency and strength of the industrial real estate segment, particularly for last mile cold storage, provide the buyer with excellent potential for very attractive risk-adjusted returns going forward,” he added.

Los Angeles is arguably one of the most resilient industrial markets in the country as it services a consumer population of nearly 18 million throughout the five-county greater Los Angeles metropolitan area. According to Newmark Research, Central Los Angeles’ industrial market boasts strong market fundamentals with 72 consecutive quarters of sub-3% vacancy and a current vacancy rate of 2%.





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