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6/26/17
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Pacific Pointe at Douglas Park, a 142.6k sf industrial property in Long Beach, was acquired by Rexford Industrial for $30.6 mil ($215/sf). The building is 100% leased to Universal Technical Institute Inc through August 2030.
The property, located at 4175 East Conant St, is a newly constructed 32’ clear LEED-certified building, situated in one of the tightest industrial markets in the country. It is part of the 193.6 acres that the seller, Sares Regis Group (SRG) acquired in 2012 from Boeing Realty Corporation, which master-planned Douglas Park.
The property is in proximity to the Ports of LA and Long Beach, being contiguous to Long Beach Airport as well as close to multiple freeways. The area also offers extensive amenities including hotels, restaurants and shopping.
CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the buyer and the seller. CBRE’s John Schumacher, Brian DeRevere and J.B. Green were the local market experts on the deal.
“This transaction represented an exceptional opportunity to acquire a brand new, centrally-located Class A building with a stable, long-term tenant,” said Perrier.
Despite a lack of available properties, activity in the Los Angeles industrial market was the highest over the past 12 months, with construction in line with demand increases, according to CBRE research. Availability rates will remain relatively steady over the next year, only increasing by 30 basis points, mainly due to new product deliveries to the market, according to CBRE data. Rental rates are expected to climb an additional 6.3 percent by the first quarter of 2018.
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