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2/06/23
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Dunbar Real Estate Holding, LLC, out of El Segundo, purchased two freestanding industrial buildings totaling 92.6k sf of space in Gardena, in an off-market transaction for $22.7 mil ($245/sf). The buildings are located at located at 1355 – 1361 W. 190th St, immediately adjacent to I-405.
The property features approximately 400 feet of highly-sought-after freeway frontage with an additional 500 feet of main street frontage along 190th Street. It consists of two concrete tilt-up buildings situated on 3.66 acres. The buildings are fully equipped with 18- and 19-foot clear height, fire sprinklers, dock-high loading doors, private security fenced yards, and ample grade-level parking.
The property is occupied by a mix of four credit, national tenants including AutoZone, 3 Day Suit Broker, Off Broadway West, and 4 Wheel Parts, on long-term, below market leases.
The seller, T.A Properties, LTD—a real estate investment and property management firm, was represented by The Altemus Company. Chuck Brill with DAUM Commercial repped Dunbar in the transaction.
According to a recent DAUM report, the supply-constrained South Bay submarket of Gardena maintains historically low vacancy rates, recording 1.6% direct vacancy in Q4 2022 with an average asking rent of $1.75 per square foot. With a slowdown in acquisitions activity in Q4 combined with the new “Mansion Tax” going into effect halfway through the escrow period—which levies a 5.5% transfer tax upon sales above $10 million in the City of Los Angeles—the DAUM team was able to lock in a lower purchase price, according to Brill.
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