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7/30/24
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First Industrial Realty Trust Inc. picked up a 52.9k sf, highly functional industrial building in the city of Vernon for $15.75 mil ($298/sf). The current tenant will continue to leaseback the space and use it as a storage and distribution center.
The property sits on 2.58 acres at 3870 Seville Ave. Key features include 25-27-foot clear height, dock-high and drive-in loading doors, and a fenced and paved yard area. Strategically located near major highways including I-5, I-10, and 101, the building is within 24 miles of the San Pedro Bay Port Complex and 15 miles from Los Angeles International Airport.
Barbara Perrier and Eric Cox with CBRE represented the seller, a multinational tire manufacturer. Jeff Stephens, Jack Mergenthaler and Evan Crawford, also with CBRE, served as local market advisors on the deal.
“Vernon is an established infill market with limited development opportunities, making it one of the strongest rent growth markets in the country,” said Perrier. “Buildings of this size in the market have experienced an average annual rent growth of 26%, surpassing the overall market average.”
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