An entity connected to BlackRock listed an industrial property in Torrance, within reach of the ports of Long Beach and Los Angeles.
The seller is asking $102 million for the 206,500-square-foot building at 1540 Francisco Street, according to an offering via CBRE viewed by The Real Deal and business and property records. The asking price amounts to $495 per square foot.
The offering follows a pricey Torrance industrial sale last month. An entity owned by the president of Asian food provider Golden Star Trading purchased a 265,000-square-foot building at 588 Crenshaw Boulevard for $123 million from Blackstone-owned Link Logistics in mid-February. That deal came out to around $460 per square foot.
The Los Angeles market’s average price is $385 per square foot, according to Kidder Mathews.
CBRE’s John Schumacher and Caroline Reid have the Francisco Street listing. BlackRock and Reid declined to comment; Schumacher did not respond to a request for comment.
Torrance’s industrial market has a 6.3 percent vacancy rate compared to South Bay’s 7 percent and Greater Los Angeles’ 6.6 percent, according to Kidder Mathews.
Companies in the aerospace, satellite, advanced manufacturing and emerging nuclear energy industries are driving demand and paying premium rates in El Segundo, Hawthorne, Torrance and Long Beach, according to Kidder Mathews.
The trend shows no signs of slowing.
Leasing and sales were off to a slow start after President Donald Trump’s tariff regime last year, but leasing demand has strengthened since then, and “sellers adjusted and buyers seized long-term opportunities in locations once priced at pandemic highs,” per Kidder Mathews.In early December, Morgan Stanley purchased a newly developed distribution center near Los Angeles International Airport from Overton Moore Properties for $211 million, or about $1,500 per square foot. That property opened as a build-to-suit for Amazon. It was the priciest deal of last year.
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