A roughly 108,000-square-foot industrial building in Torrance has sold for $21.5 million.
IDI Logistics purchased the property at 19145 Gramercy Place from Alpine Electronics of America Inc., Klabin Co./CORFAC International announced Feb. 11.
Klabin Co./CORFAC International’s Todd Taugner, Frank Schulz and David Prior represented both the buyer and the seller in the transaction.
IDI Logistics, a logistics real estate developer, will update the building and then lease it out.
Automotive electronics manufacturer Alpine Electronics previously used the building, which is located on 5.5 acres of land, as its American headquarters but has relocated to Auburn Hills, Mich.
“This building is situated in an area full of global leaders in a number of industries with immediate access to the 405 and 110 freeways,” Taugner said in a statement. “As an experienced real estate firm with decades of success in commercial real estate, IDI Logistics is the ideal buyer for this property and has plans to completely reposition and refurbish the building for a future tenant.”
Ecommerce and fast shipping promises have led to increased demand for industrial properties in infill areas.
In the South Bay, roughly 2.1 million square feet of industrial space either sold or leased during the fourth quarter of 2019, according to data from Jones Lang LaSalle Inc. The vacancy rate for industrial properties was 1.5%, down from 1.7% the previous quarter and year.
The asking rate, meanwhile, soared to $1.02 a square foot on a triple net basis, up 5 cents in a year.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans.
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