By Ariela Moraru
Metti Investment, a private 1031-exchange buyer, acquired Carmenita Square Business Park, a multi-tenant industrial campus located in Norwalk, Calif., for approximately $14.1 million. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Davis Partners, which acquired the property from Mesa West Capital – REO in 2011 for around $8.9 million, according to Yardi Matrix.
Located at 14701-14799 Carmenita Road, adjacent to Interstate 5, the three-building park is 98 percent leased to a variety of tenants, including Ford Motors. The 105,442-square-foot property was constructed in 1978 and 1982 and underwent a cosmetic renovation in 2007. The asset strategically sits in the mid-counties submarket.
Strong-performing industrial market
“We are starting to see strong activity in this sector from foreign buyers,” said Stache in prepared remarks. “This stabilized, multi-tenant industrial park provides long-term stable cash flow for the new buyer in one of the most desirable investment submarkets in the Los Angeles basin.”
Activity in the Greater Los Angeles industrial market in the first semester has been the highest in the past 12 months, with construction in the pipeline in line with demand increases. Availability rates will remain relatively steady over the next year, according to CBRE research, while rental rates are expected to climb an additional 6.3 percent by the first quarter of 2018.
Image courtesy of CBRE