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Clarion pays $77M for La Mirada industrial project
This is the first time the 337K sf property has traded since Bailard built it 20 years ago
Clarion Partners bought an industrial infill project in La Mirada, in a deal that Cushman & Wakefield called one of the top five industrial trades this year.
Clarion paid $76.8 million for the 337,000-square-foot property from Bailard Inc., a San Francisco-based wealth management and investment adviser. The deal worked out to $228 per square foot.
Bailard built the two-building property at 14001-14051 Rosecrans Ave. in August 1997, and this deal marks the first time it has traded hands. The buildings are fully leased and the property spans over 14 acres.
Jeff Chiate, of Cushman’s industrial group, brokered the transaction.
Industrial properties in Los Angeles County continue to command big dollars given demand from distribution, e-commerce companies and data centers. A recent CBRE report showed more than $7.4 billion worth of industrial properties trading in L.A. and neighboring markets this year, on pace for a record year.
Other active industrial players in the market include Rexford Industrial Realty and Prologis.