MetLife Investment Management has offloaded a three-property industrial portfolio in Southern California to three separate buyers.
The New Jersey-based firm sold the properties in its Golden Coast Portfolio for a total of $165.5 million, L.A. Business First reported. The three properties altogether comprise 600,000 square feet of industrial space.
Terreno Realty bought the Redondo Beach Two Pack, a 99,340-square-foot property at 3700 and 3730 Redondo Beach Avenue, per Business First. The fully leased site has 16 dock-high doors, three grade-level doors and a clear height of 16 feet.
TA Realty purchased The Concourse, a 420,697-square-foot facility at 18605-18645 Gale Avenue in the City of Industry, Commercial Observer reported. The industrial business park has nearly 70 dock-high doors, nine grade-level doors and a 160-foot truck loading area.
In San Diego County, General Investment and Development bought the Carlsbad Oaks Business Park, a 78,140-square-foot, two-building property at 2791-2793 Loker Avenue West in Carlsbad.
Industrial vacancy in the Los Angeles region ticked up in the second quarter to 4.8 percent, according to Cushman & Wakefield’s second-quarter report. Vacancy has increased steadily since 2022, according to Business First. At the same time, asking rents have decreased over the past year, currently registering at about $1.34 per square foot.
In the second quarter, new leasing activity in L.A. County reached more than 7.6 million square feet. That’s a nearly 12 percent decrease from nearly 8.6 million square feet in the first quarter, per Cushman & Wakefield. Meanwhile, leasing in the first half of the year saw the highest velocity in the first six months of a year since 2021. Most of those deals were signed in the San Gabriel Valley and L.A. Central regions.
The construction pipeline of new industrial space in Greater Los Angeles has been drier than usual, with about 4.5 million square feet of space currently under construction, according to CO.
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