Cushman & Wakefield has facilitated the $14.9 million sale of Vernon Avenue Logistics Center, a 46,422-square-foot cold storage property in Vernon, Calif. Vice Chairman Jeff Chiate and Director Mike Adey negotiated on behalf of the seller, a partnership between Dedeaux Properties and Ledo Capital Group. Colliers International Senior Executive Vice President Scott Heaton assisted the buyer, GF Properties.
The property occupies a 2-acre parcel at 4328 Alcoa Ave. and was delivered in this March. In 2019, the seller developed the facility as a built-to-suit for a Los Angeles-based restaurant group, which signed a long-term lease for the building. The facility has separate commercial kitchens, a racked freezer and cooler, as well as dry warehouse space. Additionally, the building features a 3,000-square-foot office component, 34-foot clear height, one grade-level and six dock-high doors.
Situated within 2.5 miles of Interstate 710, the warehouse is 5 miles south of downtown Los Angeles and 22 miles northeast of Los Angeles International Airport. Other cold storage users in the immediate vicinity include Americold Logistics, US Growers Cold Storage and Lineage Logistics.
In August, Dedeaux Properties and Stockbridge Capital Group paid $28.4 million for a 214,436-square-foot industrial asset in Santa Clarita, Calif. AmerisourceBergen sold the vacant property.