ZAAM picked up the property at 10329 Painter Ave., which is near the 5 and 605 freeways, from M. Parkinson & Co. Inc. Built in 2000 and spanning 41,725 square feet, the site holds 51 parking spaces and is leased to personal care product maker ACT Labs.
CBRE Group Inc.’s Gary Stache, Anthony DeLorenzo, Mark Shaffer, Doug Mack, Bryan Johnson, Sean Ward and Chris Ehrlich represented the buyer and the seller in the transaction.
“The tenant recently signed a 10-year lease extension at this property in one of the hottest industrial investment markets in the country, providing the new owner with a very desirable level of stability,” Stache said in a statement.
“We are excited to have acquired this infill industrial asset for our national portfolio as we found the building’s location and connectivity to the greater Los Angeles market extremely attractive,” ZAAM Director Chris Edgar said in a statement.
Sean Bannon, managing director and head of U.S. real estate for ZAAM, added in a statement that the company usually acquires properties in the $25 million to $100 million range but has “capital sources that execute exclusively in the $7 million to $20 million range. This builds diversification for smaller portfolios and gives sellers of these assets an institutional exit where the buyer pool is typically private. Painter Avenue is a perfect example of that.”
Industrial real estate has been in high demand in L.A.
Last year, 61.7 million square feet of industrial space sold or leased in the county, compared with 60 million square feet the year before, according to data from Jones Lang LaSalle Inc. And asking rents for properties in the fourth quarter of 2020 was $0.97 a square foot on a triple net basis, up 6 cents in a year.
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