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6/23/22
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A local, private 1031 exchange investor paid $14 mil, or $538/sf, for a 26k sf industrial property in West Los Angeles. Located at 1977 South Sepulveda, north of Olympic Blvd and east of the 405 Fwy, the property features five creative industrial buildings and was vacant at the time of the sale.
Kevin Foley, Mark Shaffer and Mark Latimer with CBRE represented the seller, a private investor.
"This was a unique investment opportunity for the buyer to acquire infill industrial space on nearly an acre of land in a market with a sub-1% vacancy rate,” said Foley. “In the near term, the new owner plans to lease up the vacant property with an eye to potential adaptive reuse and future redevelopment.”
He added, “Existing zoning accommodates a wide variety of creative industrial, retail and office uses. These warehouse buildings are centrally located and enjoy great accessibility to exciting West Los Angeles amenities, dense and affluent population and major freeways.”
The availability of space in the industrial sector in Greater Los Angeles remains tight, following a record year of unprecedented demand and absorption surmounting 14 msf in 2021, according to CBRE research. Asking rents rose to an all-time high of $1.33/sf in Q1 from $1.27 in Q4 2021, driven by limited vacancy and high levels of sustained demand. Overall vacancy hit a new low of 0.49% in Greater Los Angeles, as tenants attempted to expand their occupancy footprint in the supply constrained urban-port market.
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