VITAL STATISTICS
920 E. Pacific Coast Highway, Wilmington
Square Footage: 148,148
Deal Value: $100 million
This industrial sale deal achieved by Steve Bohannon and Dave Mackenbach of Cushman & Wakefield was a sale leaseback of a Class B facility on 8.46 acres of land located within the Heavy-weight Corridor in Wilmington. The transaction was off market and confirms investors’ appetite for functional, well-located industrial product with close proximity to the ports of Long Beach/Los Angeles and a vibrant labor pool. The sale equaled $675 per square foot, based on building square footage and $271 per square foot on a land basis. The leaseback resulted in a 4% cap rate.
This transaction impacts the surrounding community by demonstrating that institutional investors are committed to this area by investing large amounts of capital, repositioning these assets if necessary, constantly maintaining them, hiring from the surrounding areas when possible and enabling their customers, the operators of these buildings, to more efficiently and effectively move freight throughout the country.
VITAL STATISTICS
14200 Arminta St., Panorama City
Square Footage: 200,003
Deal Value: $90,160,000
CBRE’s Michael Bogle completed a record-breaking deal with the sale of 14200 Arminta. St. in Panorama City. The industrial property sold at $90,160,000, making it the highest price per square foot for a large building in the San Fernando Valley. Bogle represented both the buyer and seller in this off-market transaction, with an established relationship on both sides. This deal was accomplished during a time when the debt market was very much in flux and in distress, yet the buyer, Rexford Industrial – recognized as one the leading industrial buyers in the San Fernando Valley area – approached this deal with confidence and agreed to the original asking price.
VITAL STATISTICS
CONEJO SPECTRUM GATEWAY (TIE)
1515 Rancho Conejo Blvd. &
1489 Lawrence Dr., Thousand Oaks
Square Footage: 172,516
Deal Value: $69,490,485
JB Green of Colliers and Tom Dwyer and Bennett Robinson of CBRE were able to complete the sale of the Conejo Spectrum Gateway project at 1515 Rancho Conejo Blvd. and 1489 Lawrence Dr. in Thousand Oaks. The property, totaling 172,516 square feet, sold for $69,490,485.
VITAL STATISTICS
5743 Smithway St., Commerce (TIE)
Square Footage: 230,000
Deal Value: $69,836,125
In 2022, Tim Wallace of Cushman & Wakefield successfully facilitated the sale of a 13-acre industrial property located in Commerce. The site features a 230,000 square foot building with cold storage, food processing, and distribution facilities. Its prime location, close to major roads and amenities, gave the buyer confidence in the property’s long-term value and connectivity to the rest of Southern California.
