A joint venture between M. Payne Investments and Panattoni Development Co. has finalized the $37.3 million sale of a newly constructed industrial facility in Los Angeles to Cohen Asset Management, according to public records.
Life Insurance Company of the Southwest provided a $21 million acquisition loan, according to DataTree. The note carries a 2.9 percent fixed interest rate over a 12-year term.
Located on 5 acres at 15100 S. San Pedro St., the 112,075-square-foot warehouse was delivered earlier this year. The fully leased property features three grade-level and 19 dock-high doors, a 32-foot clear height, a 3,600-square-foot office component and ESFR sprinklers. Situated close to Interstate 110, the building is 11 miles east of Los Angeles International Airport and 14 miles south of the downtown area.
In April, Sam’s Club signed a full-building lease at the property, public records show. The contract spells out a lease term of just under 11 years with two five-year renewal options. DAUM Commercial Executive Vice President Anthony Bergeman negotiated the lease along with Joe Carroll, president of Resource One Real Estate and Development.
Bergeman also assisted the seller in the disposition. Newmark Managing Director Ryan Plummer, Executive Managing Director Sean Fulp, along with Directors Andrey Mindirgasov and Mark Schuessler negotiated on behalf of the buyer.
In July, Cohen Asset Management paid $30.7 million for a 325,800-square-foot warehouse in Phoenix from seller Kansas City Life Insurance.