{"id":1004691998,"date":"2023-11-28T04:51:47","date_gmt":"2023-11-28T12:51:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004691998"},"modified":"2023-11-29T05:25:51","modified_gmt":"2023-11-29T13:25:51","slug":"harbor-associates-jv-buys-la-industrial-portfolio-for-55m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/harbor-associates-jv-buys-la-industrial-portfolio-for-55m\/","title":{"rendered":"Harbor Associates JV Buys LA Industrial Portfolio for $55M"},"content":{"rendered":"
\"The<\/a>

The portfolio comprises four adjacent buildings. Image courtesy of Harbor Associates<\/em><\/p><\/div>\n

Harbor Associates<\/strong>, in a joint venture with Evergen<\/strong> Equity<\/strong>, has purchased a 126,015-square-foot, four-building industrial portfolio in Gardena, Calif., for $55 million. An individual private investor sold the properties.<\/p>\n

CBRE <\/strong>Senior Vice President Eric Cox, along with Vice Chairmen Barbara Perrier and Darla Longo, represented the seller.<\/p>\n

The transaction marks Harbor Associates’ third industrial investment of this year, bringing the company’s Southern California footprint to 640,000 square feet.<\/p>\n

The adjacent buildings are at 690-760 W. 190th St., with sizes ranging from 17,000 to 45,000 square feet. The new owner is considering converting the 8-acre property for other uses, such as Class A industrial outdoor storage for trailers and trucking.<\/p>\n

The portfolio’s location allows for quick access to major Southern California thoroughfares, such as interstates 405 and 110. It is 13 miles from Los Angeles International Airport, 14 miles from Port of Long Beach and within 16 miles of downtown Los Angeles. According to Harbor Associates, the 34 million-square-foot Gardena\/Harbor submarket has a vacancy rate of under 1 percent.<\/p>\n

Los Angeles’ sales volume outpaced most markets<\/h2>\n

Year-to-date through October, Los Angeles recorded nearly $3.6 billion in industrial sales, exceeded only by the adjacent Inland Empire market\u2014which had $3.7 billion\u2014a recent CommercialEdge report<\/a> shows. Demand contributed to the average price per square foot in the supply-constrained market to rise to $314 in October, which was more than double the national rate of $136.<\/p>\n

Recent large Los Angeles deals included Dedeaux Properties’ $190 million purchase<\/a> of an 882,000-square-foot distribution center in Commerce, Calif. Ares Management sold the asset in what was one of the largest industrial transactions in the county this year.<\/p>\n

In July, Rexford Industrial paid $210 million<\/a> for a 595,304-square-foot industrial asset in Santa Fe Springs, Calif. The property previously changed hands in 2015 for $62.3 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE brokered the deal on behalf of a private seller.<\/p>\n","protected":false},"author":2991,"featured_media":1004692017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1594,21742,15],"tags":[32789,36306],"class_list":["post-1004691998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-cbre","tag-harbor-associates"],"acf":[],"yoast_head":"\nHarbor Associates JV Buys LA Industrial Portfolio for $55M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Harbor Associates and Evergen Equity purchased a four-building industrial portfolio for $55 million in Gardena, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/harbor-associates-jv-buys-la-industrial-portfolio-for-55m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harbor Associates JV Buys LA Industrial Portfolio for $55M\" \/>\n<meta property=\"og:description\" content=\"Harbor Associates and Evergen Equity purchased a four-building industrial portfolio for $55 million in Gardena, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/harbor-associates-jv-buys-la-industrial-portfolio-for-55m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-28T12:51:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-29T13:25:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/690-760-W-190TH-STREET-GARDENA-CA-e1701172947997.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"1081\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-associates-jv-buys-la-industrial-portfolio-for-55m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/harbor-associates-jv-buys-la-industrial-portfolio-for-55m\/\",\"name\":\"Harbor Associates JV Buys LA Industrial Portfolio for $55M - 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