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3/11/22
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A 14.19-acre industrial development site in Long Beach traded for $50.7 mil. The seller was Plains All American Pipeline, a publicly traded owner and operator of energy infrastructure that provides logistics services for crude oil and natural gas.
The property, located at 5900 Cherry Ave, is zoned IG for general industrial use. The site has the potential for a 304.4k sf industrial building with best-in-class features including 36’ minimum clear heights, ESFR sprinkler systems, ample truck courts and significant excess trailer parking.
5900 Cherry Ave is optimally located in the geographic center of nearly 18 million consumers throughout the five-county greater Los Angeles metropolitan area. The property is less than five miles from the Long Beach Airport and provides tenants with express access to the San Diego (I-405), San Gabriel (I-605) and Long Beach (I-710) freeways.
The property is also centrally located between Los Angeles International Airport and John Wayne Airport—both within 22 miles. 5900 Cherry Ave is also coveted for its proximity to the two busiest container ports in North America—the Port of Long Beach and the Port of Los Angeles. Located roughly 14 miles from the property, the ports handle 37% of all waterborne goods entering the United States and 60% of goods imported from China.
Andrew Briner, Jim Linn, Bret Hardy, Kevin Shannon, John McMillan and Danny Williams with Newmark represented the seller in the transaction. According to Shannon, the South Bay is a very supply-constrained market with limited sites for comparable new development, making it well-positioned for continued rent growth.
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