Magellan unloads Commerce storage center for $36M

The deal follows a similar sale to Blackstone in the same neighborhood

Feb.February 12, 2018 03:00 PM
Property at 5415 E Olympic Boulevard with Barry Hoeven

Magellan Group is unloading in Commerce.

The real estate investment and development company sold its 144,000-square-foot building there to U.S. Storage Center for $36 million. The move completes Magellan’s three-year, $375 million investment strategy that focuses on infill locations in Southern California.

The deal for 5415 E. Olympic Boulevard comes shortly after Los Angeles-based Magellan recently sold another property in the same neighborhood. In that transaction, Magellan unloaded its 290,000-square-foot industrial facility for $42 million from Blackstone Group.

That project included 90,000 square feet of new construction built by Magellan, the company said.

Some of Magellan’s remaining holdings in the state include the 502,000-square-foot Magellan Gateway in El Monte, Calif., a roughly 133,000-square-foot aircraft hangar in Carlsbad, Calif.; and a multi-tenant industrial park in Selma, Calif. It does not own any other properties in Commerce.

Greg Wells and David Hasbrouck of Cushman and Wakefield represented Magellan in the sale.

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