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11/19/15
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IDI Gazeley acquired a 73.5k sf, fully-leased industrial property in Cerritos for $8.03 mil ($109/sf) in cash. The property, located at 16610 Marquardt Ave, about 17 miles southeast of downtown Los Angeles, is occupied by Revolve Clothing, who signed a five-year deal for the entire building on Oct. 23 of this year.
The property was sold by SH Asset Management LLC, the real estate holding company of Seoul-based gel caps manufacturer Suheung Capsule Co Ltd. SH Asset Management previously occupied the Marquardt Avenue building but due to its expansion bought a 97.3k sf, newly built site on 428 East Saturn St in Brea in May for $13.2 mil.
CBRE’s Shin Kim represented IDI Gazeley, a division of Brookfield Property Partners LP, and the seller in the transaction. Kim also represented SH Asset Management in the lease, while Revolve was repped by CBRE’s Chris Ehrlich.
“Demand in this market for good, quality industrial buildings is stronger than ever,” according to Kim who said the deal garnered serious interest from multiple bidders. “Institutional capital is drawn to these infill markets because of the historic low vacancy rates in this area. Due to the boom in the e-commerce business, demand is surging for these types of buildings that are so close to the L.A. and Orange County markets.”
IDI Gazeley was able to close on the deal in just 15 days, which enabled the seller to defer capital-gains taxes allowed in a reverse 1031 exchange, according to Kim.
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