Vital Statistics (SALE)
Property Address: 1100 N. Harbor Drive, Redondo Beach
Square Footage: 51 acres
Newmark’s Kevin Shannon, Ken White and Scott Schumacher and CBRE’s Laurie Lustig-Bower, Kadie Presley Wilson co-brokered the sale of 51 acres of land in Redondo Beach for approximately $146 million, including the cost of decommissioning, demolition and remediation. Located at 1100 North Harbor Drive, the property is home to the AES Redondo Beach Power Plant. The sale represents one of the largest coastal redevelopment land sale opportunities ever in Southern California. The sale included a short term seller lease-back as the power plant will continue operating through 2023 to support California’s power needs. Newmark and CBRE co-represented the seller AES Corporation. The buyer, New Commune DTLA, LLC. (a partnership led by Leo Pustilnikov at SLH Investments), was self-represented.
“The sale and the future redevelopment of the site is a win-win for the city, the new owner and AES,” said Shannon. “It is extremely rare to obtain 51 acres of land in such a desirable coastal location.”
Vital Statistics (SALE)
Property Address: 1716 East 7th Street, Los Angeles
Square Footage: 361,548
Deal Value: $90,000,000
For several years, the industrial real estate sector has benefited from technological disruption as rapid growth in e-commerce has driven demand for logistics real estate. Online retailers and third-party logistics firms have invested in logistics facilities ranging in size from large distribution centers to small fulfillment centers to meet growing consumer demand. Prologis’ purchase of the Greyhound Bus terminal will help solve for the continual disruption and growth in the last-touch fulfillment centers catered around online retailers. This transaction, led by a combined team from CBRE and Kidder Mathews, was also the largest industrial land transaction to occur in Los Angeles County in 2020.
