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9/28/21
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Chicago-based industrial real estate investment company CenterPoint Properties acquired a 173.1k sf, Class A industrial property in Pico Rivera for $63 mil, or $364/sf. The asset was purchased from the occupant in an off-market, sale-leaseback transaction.
The property is located at 8500 Mercury Lane, less than two miles from the Interstate 5 Freeway. It features a 32-foot clear-height, 24 dock-high doors with the potential for six additional doors, and an ESFR sprinkler system.
The asset’s location gives immediate, convenient access to Downtown Los Angeles, the Ports, and population hubs throughout Southern California. The property also presents the potential to be repositioned as a two-tenant facility in the long term.
Jordan Lara, Rudy Lara and Nick Peukpiboon with DAUM Commercial Real Estate Services brokered the transaction. According to Jordan, the property is a true core investment, providing the buyer the opportunity to add a high-quality industrial property with long-term stabilization in an infill Los Angeles County location to its portfolio. The deal worked out to one of the highest per-square-foot industrial sales for a building of this quality and size in the county to date.
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