A BentallGreenOak client has purchased an industrial property in the City of Industry for $61 million.
The seller, 300 Baldwin Park, and the buyer were both represented by Cameron Merrill from CBRE Group Inc.
The building, at 300 N. Baldwin Park Blvd., was built in 2015 and has 6 million cubic feet of cold storage and six different temperature areas. It is fully occupied by Jacmar Foodservice Distribution, which just signed a 10-year lease for the property.
“The Baldwin Property is (a) true Class-A infill building with features comparable to a brand-new construction,” Merrill said in a statement. “We fielded multiple offers from very qualified buyers that were drawn to the strategic location of the property at the western end of the City of Industry, with drive-around access, high-quality office space and more. This truly was a one-of-a-kind opportunity.”
Meal-kit delivery services and an increase in online grocery orders have fueled the high demand for cold storage facilities, experts say.
L.A. is one of the five markets with the lowest amount of available space for cold storage, according to a CBRE report.
The county’s industrial market has grown increasingly tight. In the fourth quarter, the greater L.A. area had the lowest industrial vacancy rate in the country, according to CBRE. Industrial properties had a 1.4% vacancy rate, much lower than the 4.4% national average.
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