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2/21/18
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A food manufacturer has purchased a 106.9k sf, freestanding warehouse property in La Mirada for $17.5 mil ($164/sf). The property, which was sold by Bixby Land Company, traded at a record price for an owner/user building of this size in the Mid-Counties submarket of Los Angeles.
The industrial facility, located at 16200 Trojan Way, includes a two-story, 15k sf office. The facility will serve as the buyer’s new headquarters. It features nine dock-high doors, two ground-level doors, and 24-foot ceiling clearance. The property is in proximity to several amenities and has immediate access to I-5 and 91 freeways.
Rick McGeagh and Josh Bonwell of CBRE represented Bixby Land in the transaction. The buyer was represented by James Min of Colliers International.
“The company wanted to relocate from the South Bay market and was looking to find a large, free-standing facility with a great corporate image,” said McGeagh. “This building is a perfect fit for their new headquarters.”
Los Angeles County ended the year with strong occupancy gains in every submarket. Despite a 90 basis points increase in vacancy, the 11% year-over-year rise in asking rents resulted in strong investment activity, according to CBRE’s latest quarterly report.
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