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6/29/17
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Carmenita Square Business Park, a multi-tenant industrial campus located in Norwalk, was acquired by a private 1031-exchange buyer for $14.1 mil. The seller was Davis Partners LLC, an investment and property-management firm.
The three-building park, located at 14701 – 14799 Carmenita Rd, is 98% leased to a variety of different tenants, including Ford Motors. The property strategically sits in the mid-counties submarket, adjacent to the I-5 freeway.
CBRE’s Gary Stache, Anthony DeLorenzo, and Doug Mack represented the seller in the deal. The buyer was represented by an outside broker.
“We are starting to see strong activity in this sector from foreign buyers,” said Stache. This stabilized, multi-tenant industrial park provides long-term stable cash flow for the new buyer in one of the most desirable investment submarkets in the Los Angeles basin.”
The Greater Los Angeles industrial market has performed strongly in the first half of this year. Despite a lack of available properties, activity was the highest over the past 12 months, with construction in line with demand increases. Availability rates will remain relatively steady over the next year, according to CBRE research. Rental rates are expected to climb an additional 6.3 percent by the first quarter of 2018.
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