The Koll Company has purchased a 54,000-square-foot freezer facility in Norwalk for $11.9 million, the company announced Jan. 18. The seller was Klein Investments Family.
The facility, at 13034 Excelsior Dr., is fully leased to Cargill Meat Solutions.
The building has seven dock-high doors. There are no renovations currently planned for the building.
“The Los Angeles industrial market continues to tighten with a limited future supply pipeline,” said Scott Lanni, principal of The Koll Company, in a statement. “Acquiring this strategic and unique freezer facility at a value significantly below replacement cost will prove to be a strong long-term investment providing both cash flow and asset appreciation.”
Colliers International’s Mike Hartel, Joe Winkelmann and Nick Velasquez represented the buyer and seller in the transaction. East West Bank was the lender.
The Koll Company is based in Irvine.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- OneLegacy Buys New HQ Building in Azusa for $18 Million
- Whole Foods Building in Pasadena Acquired
- Pasadena Apartment Complex Sells for $14M
- TH Real Estate, Greenlaw Pick Up Whittier Industrial Property for $21.3M
- Office Building Leased to Boeing Sells for $51 Million
- Colony Capital Builds Last-Mile Network With Purchase of 54 Industrial Properties
- Rodeo Drive Retail Property Refinance for $160M
- City of Industry Building Sells for $11.5M