Bellevue, Wash.-based Terreno Realty has acquired an industrial space in Redondo Beach, Calif., in Los Angeles metro’s South Bay for a reported $45.7 million. The property includes a transshipment building totaling some 67,000 square feet, as well as an industrial flex building of 45,000 square feet. The buildings are located on a 6.7-acre lot and are currently fully leased to two tenants.
Located at 2411 Santa Fe Ave. in North Redondo Beach, the property is well-positioned west of Interstate 405 between LAX and the Ports of Los Angeles and Long Beach. Features include 23 dock-high loading positions, as well as 200 parking spaces. Built in 1968, the property is classified as Class B based on CommercialEdge data and was purchased by its previous owner in 2016.
Logistical issues that have presented themselves in recent years have brought industrial real estate to the forefront — and that’s doubly true in the case of the U.S.’s busiest container ports. Last year’s backlog at the Port of LA posed challenges to companies awaiting shipping to be processed, further increasing demand for industrial real estate in Los Angeles and elsewhere. Redondo Beach also has a robust aerospace and engineering sector, which drives up demand for the low-vacancy industrial real estate in the area, as well.
Terreno Realty acquires and operates industrial real estate across six major coastal cities in the U.S. Specializing in flexible properties located in infill locations, the company owns 51 buildings in the greater Los Angeles area totaling almost 2.7 million square feet of industrial space at more than 99% occupancy. The Redondo Beach property now joins several other warehouses in the area operated by Terreno, including three industrial properties in Torrance, Calif., which is three miles east of Redondo Beach.
The Los Angeles area has historically been one of the most in-demand areas for industrial real estate in the U.S. Additionally, in recent years, demand has been driven up by a low supply of new industrial stock. You can browse what other high-demand industrial markets in the U.S. have to offer here:
- industrial space in Dallas
- industrial space in Phoenix
- industrial space in Chicago
- industrial space in Houston
- industrial space in Philadelphia
- industrial space in Charlotte
- industrial space in Denver
- industrial space in Columbus
- industrial space in Indianapolis
- industrial space in New Jersey
- industrial space in Detroit
- industrial space in Atlanta
- industrial space in Minneapolis
- industrial space in Cincinnati
- industrial space in Baltimore
- industrial space in Tampa
- industrial space in Orange County
- industrial space in Seattle