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October 17, 2021
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LOS ANGELES COUNTY NEWS
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Hawthorne Industrial Property Sells for Over $8 Mil

7/29/21

A two-building, 21.9k sf industrial project in Hawthorne was purchased for $8.1 mil ($370/sf) by a public REIT focused on industrial real estate. The 100%-leased property, located at 13020 and 13030 Cerise Ave, was sold in an off-market transaction.

The site is comprised of two 11k sf, single-tenant bow-truss buildings on a 1.57-acre land parcel. The property, which is situated within a core Los Angeles industrial market and in proximity to the ports and Los Angeles International Airport, offers approximately 20k sf of excess land.

Kevin Foley, Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson with CBRE represented the seller, a private investor.

“Surging demand for e-commerce coupled with a broad-based rise in consumer spending on goods as opposed to services has placed unprecedented pressure on the global supply chain,” said Foley.

The South Bay submarket is one of the tightest industrial submarkets in North America, with vacancy at 0.6%, according to CBRE research. In 2020, 3.5 msf of industrial space was leased in the airport submarket of the South Bay. Hawthorne is emerging as a preferred destination for next generation innovative and dynamic tenants, including Ring, SpaceX, Epirus, Freeform Future, Amazon, Nerd Street Gamers, Venturi Astrolab, and The Boring Company, among others.

In Los Angeles County, industrial rents in airport submarkets are about 12.9% higher than overall market rents, reflecting the heightened demand by occupiers for industrial space close to major transportation hubs, according to CBRE research.





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