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Sunday, Jun 26, 2022

CRE Awards 2020: Best Industrial Sale

Vital Statistics

Property Address: 2400-2401 East Wardlow Road, Long Beach

Square Footage: 90 Acres

Deal Value: $230 million

In June 2019, Bret Hardy, Jim Linn and Kevin Shannon, in conjunction with the Newmark local leasing professional, completed the $230 million sale of a 90-acre industrial manufacturing plant located at 2400-2401 East Wardlow Road in Long Beach. The seller was the Boeing Company and the buyer was Goodman Development. For more than two decades, Boeing manufactured the C-17 Globemaster cargo planes at the plant, which ceased operations in 2015. Goodman has plans to rehabilitate and redevelop this Long Beach Airport-adjacent site into a mixed-use project, to include a large industrial business park, with a focal point of creating jobs and industry for the cities of Long Beach and Lakewood.

Vital Statistics

Property Address: Los Alamitos Corporate Center

Square Footage: 685,000

Deal Value: $128.5 million

CBRE’s Darla Longo, Barbara Perrier, Rebecca Perlmutter, Eric Cox, Brett Hartzell, Val Achtemeier and Matt Schmidt recently completed the sale of Los Alamitos Corporate Center, a 685,000-square foot industrial business park, for $128.5 million. CBRE represented the seller, Northwestern Mutual. Alere, a pension fund adviser, was the buyer. Located at 4332-4478 Cerritos Avenue, 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive, Los Alamitos Corporate Center is comprised of 17 buildings on a 36.9-acre lot. The 685,588 square-foot industrial complex is 98 percent leased and is currently home to 82 tenants with strong historical occupancy. The buildings range from 11,788 square-feet to 134,186 square-feet, providing a diverse range of suite sizes to capture a variety of tenant uses.

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