$152M in industrial sales closed last week. Here’s what traded.

Gateway Cities properties and one DTLA property went for big money last week

Apr.April 17, 2019 12:00 PM
$152 million worth of industrial real estate traded last week (Credit: Google Maps)

L.A.’s industrial market had a hot streak last week: within just three days, four properties traded hands for a combined total of $152 million.

Three of the transactions were for properties in the Gateway Cities area, along the Interstate 5 corridor in southeast L.A. County. Much like the nearby South Bay area, The Gateway Cities has long been an industrial center for its access to numerous highways and freeways.

The details on the deals:

— The largest of the four transactions was Robertson Properties Group’s $52.9 million purchase of 15250 Desman Road in La Mirada, a 250,000-square-foot warehouse. The seller was AEW Capital Management. Tenants include All-Ways Inc., an international shipping and logistics firm, and paper packaging and warehousing company Veritiv.

— For $43 million, Kelly Pipe Co. purchased a Santa Fe Springs warehouse and distribution yard it leased from a group of investors including Jaime Gesundheit, Alan Shapiro, Joel Shapiro, and Ilyse Teller. The property at 11700 Bloomfield Avenue spans about 21.5 acres, according to property records. Most of that is outdoor storage for pipe products.

— In Cerritos, Canadian firm WPT Capital’s WPT Industrial REIT bought a warehouse at 12928 Midway Place for $27.7 million. The seller was CalSTRS, the teacher’s pension fund. The six-acre property includes a 161,650-square-foot warehouse. Last year CalSTRS launched a $300 million fund with frequent partner Divco West to invest in tech-oriented properties.

— Rexford made a play near Downtown, picking up a nearly 200,000-square-foot warehouse at 1515 East 15th Street for $28.1 million. The building dates from the 1970s and is leased to a half a dozen or so apparel manufacturers, including the seller of the property, Graff CaliforniaWear.

Last May, Rexford paid more for a single L.A. industrial property than any other firm when it bought a 36-acre distribution center in Commerce for $121 million. That was also a lease-back deal with produce distributor Supervalu.

It closed out last year with two deals — a $19.5 million purchase in Industry and the sale of a Gardena property to owner-occupants.

Activity slowed somewhat in the L.A. industrial sector late last year, but investors remain confident the sector will have a strong year.

Related Articles

Jose Huizar gave new details Monday on Pershing Square redesign (Credit: Getty Images and Wikipedia)

An embattled Jose Huizar revives Pershing Square redesign

L.A. has lowest industry vacancy rate in country (Credit: iStock)

Megadeals still happening in squeezed LA industrial market

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

The project site (Credit: Google Maps)

New venture Staley Point Capital plans self-storage facility in LA Opportunity Zone

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border