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3/22/22
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Long Beach Business Park, a 123.5k sf, multi-tenant industrial business park in Long Beach, was purchased by Rexford Industrial Realty in a $24 mil ($194/sf) transaction.
The property is located on West Anaheim St, adjacent to the Ports of Long Beach and Los Angeles, which comprise the largest port complex in the nation. It is minutes from the bustling central business district of Downtown Long Beach and is less than 2,000 feet from the 710 Fwy.
Kevin Shannon, Bret Hardy, Scott Schumacher and Ken White with Newmark represented the seller, RPG 14 LLC. According to Shannon, the property location is coveted for its proximity to the largest port system in the United States, which had its busiest year on record in 2021.
Hardy noted, “Significant upside also exists with a potential condo map overlay for a future user sale exist strategy or a new ground-up industrial development given the relatively short terms of the existing small tenant leases”.
According to Newmark Research, the Los Angeles industrial market totals 1.05 bil sf and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 msf, bringing the 2021 absorption total to 13.7 msf, the fourth-highest year on record.
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