January 18, 2022 9:00 AM
星空体育app下载[1]
announces it has completed the sale of 4240 W. 190th
Street, a 307,487-square-foot, multi-tenant industrial building in Torrance, California for $75 million, or $245 per square foot. The property was 100% leased to two tenants at the time of sale.
星空体育app下载 Executive Managing Directors Bret Hardy, Jim Linn, Andrew Briner and Scott Schumacher and Co-Head of U.S. Capital Markets Kevin Shannon represented the seller, Z/A Torrance Associates. The buyer was Rexford Industrial Realty.
鈥淲ith its unsurpassed location in the highly desired South Bay industrial submarket, extremely limited industrial supply and insatiable tenant demand, this asset offered a remarkable investment opportunity,鈥� said Hardy. 鈥淭he steady in-place income stream and tremendous value-add potential further underscore the property鈥檚 desirability.鈥�
4240 W. 190th Street totals 307,487 square feet and is situated on a 11.37-acre parcel. The Class B building was offered as a potential rehabilitation or redevelopment opportunity given its prime location in the coveted South Bay submarket. The property offers the buyer steady income, being 100% triple net leased to two tenants with a remaining weighted average lease term of 3.9 years.
The property is situated in the heart of the South Bay, which is one of the leading industrial submarkets in the world, boasting unfettered access to six million residents within a 20-mile radius. The location is coveted for its proximity to numerous logistics and transportation hubs. These include the Ports of Los Angeles and Long Beach, the two busiest seaports in North America; Los Angeles International Airport, the fourth-ranked airport in the U.S. for cargo volume; and the immediate access to Interstates 405 and 110, easily connecting to major regional freeways including Interstates 105, 91 and 710.
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
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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 $2.5 billion for the trailing twelve months ending September 30, 2021. 星空体育app下载鈥檚 company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow .
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