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1/31/18
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A private investor paid $2.7 mil for a 15.3k sf ($176/sf) industrial park in Cerritos. The asset, located at 10805 Artesia Blvd, was sold by Cerritos Industrial Park LLC, an affiliate of Newport Beach-based CIP Real Estate.
The property consists of 12 units ranging from 700 sf to 2.7k sf, ground-level loading, a 4:30:1000 parking ratio, and on an oversized 2.19-acre land parcel.
Michael Hefner with Voit Real Estate Services represented the seller in the deal. According to Hefner, the multi-tenant business park was fully renovated and fully leased, providing the investor with a stabilized income stream and well-located infill project in a desirable location.
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