The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
September 30, 2023
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Private Investor Closes $11 Mil Industrial Acquisition in Long Beach


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 DAUMís 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.

Return to the Archive page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2023 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media