Shea Properties Sells Los Angeles Industrial Property
Colliers represented the seller, while JLL assisted the buyer in securing acquisition financing.
Home Depot and Goodman Distribution are long-term tenants at the fully occupied property. Image courtesy of Cress Capital
Cress Capital, together with Brasa Capital Management, has purchased a three-building industrial property totaling 122,904 square feet in Baldwin Park, Calif., within Los Angeles’ submarket of San Gabriel Valley. Shea Properties sold the asset for $15 million, according to CommercialEdge.
Colliers negotiated on behalf of the seller, while JLL assisted the buyer in securing acquisition financing—a $7.5 million loan originated by River City Bank, the same source shows.
Located at 315, 345 and 365 Cloverleaf Drive, the one-story buildings include ESFR sprinkler systems, 22-foot clear heights, sky lights, loading doors, dock levelers and bumpers, trailer parking spaces and 191 vehicle parking spots, according to the same data provider. Additionally, all buildings also feature a two-level office component.
A total of 14 tenants are present at the property, fully occupying the asset. The roster includes Goodman Distribution and Home Depot, which have long-term lease agreements in place.
The 7-acre asset is close to interstates 605 and 10, allowing easy access to the Greater Los Angeles area. It is also 16 miles from downtown Los Angeles, within 31 miles from Port of Los Angeles and 38 miles from John Wayne Airport.
Colliers Vice Chairman Michael Kendall, Senior Vice President Gian Bruno and Vice President Kenny Patricia worked on behalf of Shea Properties, while JLL Senior Managing Director Jeff Sause worked on behalf of the buyer.
One of the priciest industrial markets
Los Angeles remains one of the hottest industrial markets nationwide, according to a recent CommercialEdge report. Year-to-date through September, the metro recorded $3.1 billion in sales volume, outpaced only by Inland Empire’s $3.6 billion. The average price per square foot for these sales was $319, which was more than double the national average of $135.
Recent large deals in the metro included Dedeaux Properties’ $190 million sale-leaseback of an 882,000-square-foot distribution center in Commerce, Calif., and Rexford Industrial Realty Inc.’s $210 million purchase of a fully leased warehouse in Los Angeles County.
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