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10/24/24
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A 124.5k sf, LA-area industrial property has traded for $32.425 mil in an acquisition viewed as a strong redevelopment opportunity. The property, situated on 7.22 acres at 16930 Valley View Ave in La Mirada, has entitlements for a new 143.6k sf, Class A industrial facility.
As Southern California continues to attract developers seeking last-mile infill locations, 16930 Valley View Avenue presented a rare opportunity in a market with minimal land availability. Its strategic location offers immediate access to multiple Freeways, proximity to the Ports of Los Angeles and Long Beach, and numerous railyards, making it uniquely positioned to withstand economic headwinds. Resurgent port activity and dwindling construction starts are expected to drive additional demand throughout the region, and as activity picks up, leasing velocity will shortly follow.
Colliers Vice Chair Tony Phu represented the buyer in the deal. Colliers Vice Chair Michael Kendall, Senior Vice President Gian Bruno, Vice President Kenny Patricia, and Associate Kylie Jones marketed the property on behalf of the unnamed seller. Vice Chair Chris Sheehan, Executive Vice President Mike Foley, Senior Executive Vice President Jeff Smart, Associate Liz Capati, and Vice President Senna De La Cruz provided local market advisory.
“The sale marks the culmination of a robust bidding process, with both institutional investors and owner-users showing a high level of interest for the site,” said Kendall. “Capital continues to put a premium on infill, well-located sites that provide flexibility as well as the ability to meet the market.”
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