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11/18/19
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A portfolio of eight industrial buildings totaling 131k sf in Glendale has traded for $25.5 mil ($195/sf) in one of the largest deals to take place in the Tri-Cities market over the past 18-24 months, according to Hunter Warner and Brett Warner, principals of Lee & Associates-LA North/Ventura who represented the buyer, CPD Los Angeles LLC, in the transaction.
“With an industrial vacancy rate in Glendale below 1% and the uses permitted on this property, there was a tremendous amount of competition for this portfolio,” said Hunter Warner. “Our buyer was able to prevail thanks in part to our ability to identify the opportunity about a month before it hit the market. That gave us a head start on underwriting the property.”
The portfolio -- located at 1225, 1275, 1295 and 1291 Los Angeles St.; 440, 444 Cypress St.; and 437, 449 Fernando Court -- consists of eight industrial buildings ranging in size from 3k sf – 59k sf. It was fully leased at the time of the sale to a variety of tenants including wholesale trade printer 4OVER, a packaging company, a lumber company and a pharmacy.
Along with long-term, stable tenants, the property offers value-add opportunities with about 70k sf of the total zoned IMU-R, which allows for commercial, industrial and residential uses.
Mike Maniscalchi and Tony Maniscalchi with Systems Real Estate repped the seller, Pacific States Box & Basket Co Inc, in the deal.
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