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April 22, 2024
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Flex/Office Building in El Segundo’s Superblock Area Goes for $6 Mil


Chicago-based Diamond Realty Holdings (DHR) purchased a 14.4k sf industrial flex/office building at the intersection of Lairport St and East Mariposa Ave in the superblock area of El Segundo. The price was $6.05 mil ($420/sf).

The property is situated on 1.13 acres at 600 Lairport St. A long-term tenant currently occupies 2.4k sf of the main, 14.4k sf structure. The remaining 12k sf of space is available for lease and fully divisible.

New ownership will complete interior and exterior renovations to improve its façade and access to the site and create open flex industrial space that can accommodate a variety of uses. The property has ample surface parking and additional land available for flexible uses. It is located near the 105 and 405 freeways and a 10-minute drive of Los Angeles International Airport.

CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and seller in the transaction. This acquisition adds to the DRH portfolio which already has over 275k square feet of infill flex industrial in Chicago, Miami and Los Angeles.

“600 Lairport Street is well-located on a highly visible corner in El Segundo and has excellent potential to be repositioned as a variety of uses, which is a rarity in this submarket,” said Healey. “The property aligns with Diamond Realty Holdings’ strategy to acquire and improve old industrial buildings into more functional spaces, lending them to a wider range of flex uses.”

Total vacancy for flex/industrial space in the South Bay submarket was 1.1% at the end of the first quarter of 2023, according to CBRE Research. El Segundo has attracted high-profile companies in the electronic automobile, space and cosmetic related industries.

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