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1/30/15
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Cerritos West Industrial Park, a seven-building, 395.2k sf industrial park in Cerritos, sold for $43.9 mil, or $111/sf. The asset, located at 13311-13317 166th St, 16301-16431 Carmenita Rd, and 16210-16448 Manning Way, was purchased by Alere.
Cerritos West Industrial Park includes seven single-story buildings situated on 17.48 acres with units ranging from 12.9k sf to 34k sf. It is 100 percent leased to 14 tenants, including Future Metals, serving the aerospace industry for more than 35 years, Bunn-o-Matic, a beverage equipment and services provider, and Maruka Machinery Co Ltd, a parent company to Maruka, USA specializing in machinery distribution.
The buildings feature 30 dock-high doors, 31 grade-level doors and ample parking. The park has freeway access to interstates 5, 605, 105, 710, 405 and 110, and state routes 91, 57 and 60. It is 16 miles to the Long Beach International Airport, 25 miles to John Wayne International Airport, 28 miles to Los Angeles International Airport and 40 miles to Ontario International Airport, as well as 20 miles to the Ports of Long Beach and Los Angeles.
CBRE Vice Chairman Darla Longo, Vice Chairman Barbara Emmons, and Vice President Rebecca Perlmutter Finkel, with local support from Senior Vice President Laird Perkins represented the buyer and seller, CBRE Global Investors.
“With an extremely low vacancy rate of 2.5 percent, this multi-tenant industrial park is located in one of the most desirable industrial submarkets in the country,” says Emmons. “CBRE Econometric Advisors predict that rental rates in the Mid-Counties will rise and concessions will diminish, with a forecast market rent growth of 6.2 percent in 2015.”
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