Brookfield Properties purchased the site from Interstate 5 Firestone. Colliers International Group Inc.’s Chuck Wilson represented the seller and the buyer in the
transaction.
“It was a good opportunity for them to sell,” Wilson said. “They had recently sold their business, and they owned the real estate, so they decided to sell the real estate once the business sale was completed.”
The site, at 14555 Alondra Blvd., boasts a 255,000-square-foot industrial property that was built in 1969. It is fully leased to one tenant.
The building, which was renovated in 2016, features 11,000 square feet of office space, storage areas, high ceilings, and a large, fenced yard.
Wilson said the buyer was interested because of the tight industrial market.
“It’s a very competitive market in greater L.A., and this is really a landmark transaction size-wise in this market,” Wilson said. “The La Mirada market is part of Mid-Counties, and that marketplace is 1.5% vacant today, so it was a good opportunity for them to purchase the property.”
In L.A. County as a whole, the vacancy rate was 1.5% during the third quarter, down from 3.6% in the year-ago period, according to data from Jones Lang LaSalle Inc.
Asking rents on a triple net basis were $1.05 a square foot, up 9 cents in a year, according to the brokerage.
“Every industrial market in the country is on fire right now,” Wilson said. “There’s been so much pent-up demand for real estate and for warehouses. All the industrial markets are all experiencing vast rent growth and high demand for warehouse.”
Looking forward, Wilson expects to see more of the same demand in La Mirada.
“There’s not a whole lot of new development in that market,” he said. “It’s a seasoned market, and it’s really just going to grow by lease rollovers with the rent increases that are happening in the market today.”
