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6/06/12
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KB Partnership has awarded a nearly 1.1 msf property management assignment to Charles Dunn Company. KB Partnership is a venture between Black Equities and ARKA Properties, both based out of Beverly Hills.
The assignment is for the KB Vernon Portfolio, consisting of ten buildings that are nearly 100 percent occupied. The portfolio contains all industrial properties, located in the cities of Vernon and Los Angeles.
With this latest assignment, Charles Dunn Company now manages a total of 6.6 msf of industrial property located throughout Los Angeles County with a total property management portfolio in excess of 23 msf throughout California, Utah, Pennsylvania, Florida, Ohio and Arizona for third-party clients. The firm has added approximately 2 msf of property management assignments so far this year.
The industrial market vacancy rate is approximately four percent within the markets the portfolio is located. Following is a breakdown of the properties in the portfolio:
• 4815, 4851 and 4871 S. Santa Fe Ave, 2231-2375 E. 49th St and 2300-2390 E. 48TH St in Vernon. The four buildings are located within the Santa Fe Industrial Park and total 809.4k sf with major tenants including Whole Foods, Cargill and Coremark.
• 4900, 4950 and 4960 S. Santa Fe Ave and 2430 E. 49th St in Vernon. The four buildings total 201k sf. One of the major tenants includes Crystal Art Gallery. The buildings are primarily used for a distribution center of art for home furnishings as well as garment manufacturing.
• 4900 and 5716 S. McKinley Ave in Los Angeles. The two buildings total 74.8k sf. One of the major tenants includes Morrissey Brothers Printers.
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