Harbor Associates JV Buys LA Industrial Portfolio for $55M

The portfolio consists of 4 adjoining buildings. Picture courtesy of Harbor Associates

Harbor Associates, in three way partnership with Evergen Fairness, has bought a 126,015-square-foot, four-building industrial portfolio for $55 million, in Gardena, Calif. A person non-public investor bought the properties.

CBRE Senior Vice President Eric Cox, together with Vice Chairmen Barbara Perrier and Darla Longo represented the vendor.

The transaction marks Harbor Associates’ third industrial funding of this 12 months and is a part of the corporate’s 640,000-square-foot industrial footprint in Southern California.

The adjoining buildings are at 690-760 W. one hundred and ninetieth St., with sizes starting from 17,000 sq. toes to 45,000 sq. toes. The brand new proprietor is contemplating changing the 8-acre property for different makes use of, reminiscent of Class A industrial outside storage for trailers and trucking.

The portfolio’s location permits for fast entry to main Southern California thoroughfares, reminiscent of interstates 405 and 110. It’s 13 miles from Los Angeles Worldwide Airport, 14 miles from Port of Lengthy Seaside and inside 16 miles of downtown Los Angeles. In line with Harbor Associates, the 34 million-square-foot Gardena/Harbor submarket has a emptiness fee of below 1 p.c.

Los Angeles’ gross sales quantity outpaced most markets

12 months-to-date via October, Los Angeles recorded almost $3.6 billion in industrial gross sales, exceeded solely by the adjoining Inland Empire market—which had $3.7 billion—a current CommercialEdge report reveals. Demand contributed to the typical value per sq. foot within the supply-constrained market to rise to $314 in October, which was greater than double the nationwide fee of $136.

Current giant offers in Los Angeles included Dedeaux Properties’ $190 million buy of an 882,000-square-foot distribution middle in Commerce, Calif. Ares Administration bought the asset in what was one of many largest industrial offers within the county this 12 months.

In July, Rexford Industrial paid $210 million for a 595,304-square-foot industrial asset in Los Angeles County. The property beforehand modified arms in 2015 for $62.3 million.