Irvine-based real estate investment firm LBA Realty has purchased the Los Angeles Food Center, a 266,400-square-foot cold storage facility at 2652 Long Beach Ave. in Vernon, for $57.8 million, or about $217 per square foot, according to CoStar Group Inc.
The seller was a joint venture between Dedeaux Properties, a Commerce-based real estate developer, and Hartford, Conn.-based investment manager Barings Real Estate.
CBRE Group Inc.’s Jack Fraker, Darla Longo and Barbara Emmons Perrier represented both parties.
Los Angeles Food Center is located on 10.6 acres and is adjacent to the Alameda Corridor, a 20-mile freight rail cargo expressway that links downtown Los Angeles to the ports of Los Angeles and Long Beach.
The property, which was built in 1965 but has been recently renovated, also features 65 dock-high loading positions for trucks and is served by a 169-space parking structure.
“With consumers wanting fresher and higher quality food, the need for well-located and efficient cold storage is critical to the rapid movement of perishable product,” said Brett Dedeaux, president of Dedeaux Properties, in a statement. “The size, location and functional layout of the Los Angeles Food Center allow users to streamline the truck loading and off-loading process to expedite last-mile distribution.”
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.