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10/03/22
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A 38.2k sf industrial distribution property in Long Beach sold for around $11 mil ($288/sf) in a recent investment buy. The property, located at 3221 E. 59th St, south of the 91 Fwy and west of Lakewood Blvd, was purchased by a high-net-worth private investor.
Constructed in 1970, the asset is situated in a prime location adjacent to well-established transportation infrastructure including major freeways, railroads and ports. The nearly two-acre property features concrete tilt-up construction, 22-foot warehouse ceiling height, three dock-high truck positions, and grade-level loading. In addition, the property is fully fenced and secure, and provides ample truck parking and storage area.
The property was sold by Metra Electronics, a 75-year-old electronics firm and worldwide leader in the manufacturing and distribution of after-market automotive audio, lighting, and safety accessories. At the close of the deal, Metra signed a short-term leaseback agreement with the new owner and will continue to occupy the warehouse temporarily.
Michael Collins and Dustin Hullinger with DAUM’s Capital Markets Group represented the buyer in the transaction. Metra was repped by Brian Held and Rob Flores of CBRE.
With a 1.1% industrial vacancy rate at the end of Q2 2022, the Los Angeles-Long Beach (South Bay) market is experiencing high demand from users in the area for quality distribution assets, making the acquisition of this property especially noteworthy, says Hullinger.
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