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10/23/19
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A 337.1k sf, Class A industrial infill project in La Mirada has sold for $76.8 mil, or $228/sf. The property, located at 14001-14051 Rosecrans Ave, was purchased by Clarion Partners LLC. We’re told the transaction ranks among Los Angeles County’s top five largest industrial investment sales of 2019, according to Cushman & Wakefield research.
14001-14051 Rosecrans Ave is a two-building project that spans 14.35 acres and features a 30’ clear height, an ESFR fire sprinkler system, large truck courts, and major street frontage along Rosecrans Ave. The property offers immediate access to the I-5 Fwy and is approximately 20 miles from the Port of Los Angeles, the Port of Long Beach, and Los Angeles International Airport. The buildings are 100% leased to three quality tenants.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, and Brad Brandenburg from Cushman & Wakefield’s Irvine office represented the seller, Bailard Inc, in the transaction, with Rick Ellison and Mike Foley from the firm serving as market advisors. Bailard Inc is a 50-year-old wealth management/investment advisor based in San Francisco.
“The offering represented a rare and sizable institutional-quality industrial project located in an infill location with significant barriers to entry,” said Chiate. “With vacancy at only 2.6% as of Q3 2019, the Mid-Counties industrial submarket is one of the strongest in the nation. This was an opportunity to acquire an asset with stable in-place cash flow and extraordinary upside potential, with average in-place rents well below current market rents.”
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