March 10, 2022 9:00 AM
星空体育app下载[1]
announces it has facilitated the sale of a 14.19-acre industrial development site in Long Beach, California for $50.7 million.
星空体育app下载 Executive Managing Directors Andrew Briner, Jim Linn and Bret Hardy and Co-Head of U.S. Capital Markets Kevin Shannon
represented the seller, along with Vice Chairman John McMillan and Senior Managing Director Danny Williams. The seller was Plains All American Pipeline, a publicly traded owner and operator of energy infrastructure that provides logistics services for crude oil and natural gas.
鈥淭he South Bay industrial market is recognized globally as one of the best performing industrial markets in the nation,鈥� said Shannon. 鈥淚t is a very supply-constrained market with limited sites for comparable new development, making it well-positioned for continued rent growth.鈥�
Briner added, 鈥淭his unique project will be the newest of the top-tier buildings in the market as a result of scarcity of land and increasing barriers to entry, making 5900 Cherry Avenue a truly unique development opportunity.鈥�
The property, located at 5900 Cherry Avenue in Long Beach, measures 14.19 acres, and is zoned IG for general industrial use. The site has the potential for a 304,432-square-foot industrial building with best-in-class features including 36鈥� minimum clear heights, ESFR sprinkler systems, ample truck courts and significant excess trailer parking.
5900 Cherry Avenue is optimally located in the geographic center of nearly 18 million consumers throughout the five-county greater Los Angeles metropolitan area. The property is less than five miles from the Long Beach Airport and provides tenants with express access to the San Diego (I-405), San Gabriel (I-605) and Long Beach (I-710) freeways.
The property is also centrally located between Los Angeles International Airport and John Wayne Airport鈥攂oth within 22 miles. 5900 Cherry Avenue is also coveted for its proximity to the two busiest container ports in North America鈥攖he Port of Long Beach and the Port of Los Angeles. Located roughly 14 miles from the property, the ports handle 37% of all waterborne goods entering the United States and 60% of goods imported from China.
According to 星空体育app下载 Research, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 million square feet, bringing the 2021 absorption total to 13.7 million square feet, the fourth-highest year on record.
[1]
Dba 星空体育app下载 Knight Frank in California
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. 星空体育app下载鈥檚 comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform鈥檚 global reach with market intelligence in both established and emerging property markets, 星空体育app下载 provides superior service to clients across the industry spectrum. 星空体育app下载 generated revenues in excess of $2.9 billion for the year ending December 31, 2021. 星空体育app下载鈥檚 company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow .
Discussion of Forward-Looking Statements about 星空体育app下载
Statements in this document regarding 星空体育app下载 that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, 星空体育app下载 undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see 星空体育app下载’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.