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Harbor Associates LLC and Evergen Equity Spend $55 Mil on L.A. Area Industrial Portfolio

11/28/23

Harbor Associates LLC, in a joint venture with Evergen Equity, has acquired a 126k sf industrial real estate portfolio in Gardena from a local investor in an off-market transaction valued at $55 mil ($436/sf).

The portfolio consists of four adjacent properties ranging in size from 17k sf to 45k sf and located at 690-760 W. 190th St. The 7.5-acre site is located within the 34 msf Gardena/Harbor industrial submarket, which boasts a vacancy rate of less than 1%. It is situated immediately next to the I-405/I-110 interchange, two of Southern California’s major truck routes providing easy access to the Ports of Los Angeles, Downtown Los Angeles, Pasadena Long Beach and Orange County.

“The opportunity to acquire 7.5 acres of prime industrial land in this very tight and important industrial submarket is rare,” said Rich McEvoy, Principal for Harbor. “We are contemplating several possible options for the property including a Class A industrial outdoor storage facility for trucking and container uses.”

“This submarket is incredibly dense and is one of the few in the area that allows for trucking and shipping container uses,” added Harbor Principal Paul Miszkowicz. “This has ‘super-charged’ the demand as 3PL and logistics companies compete for a diminished supply of truck yards.”

The 190th Street asset represents Harbor’s third industrial acquisition of 2023 totaling more than $120 mil and adds to its 640k sf industrial portfolio with assets located in Los Angeles, Orange and San Diego Counties.

Eric Cox, Barbara Perrier and Darla Longo of CBRE advised the seller on the transaction.





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