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Industrial

Westmark Realty Advisors has sold a 1.5 million-square-foot portfolio of mostly South Bay industrial buildings to two other pension realty advisory firms for a total of about $60 million.

Reflecting the strong recovery of the area’s industrial real estate markets, the entire portfolio is 100-percent leased.

Also reflecting the related strong institutional investor interest in local industrial properties, the deal was the fourth major portfolio sale to close since last summer and the second one involving RREEF Funds.

San Francisco-based RREEF bought the biggest portion of the Westmark portfolio, acquiring buildings with just over 1 million square feet of space. Seattle-based Kennedy Associates Real Estate Counsel purchased properties with just over 500,000 square feet.

RREEF acquired the 612,000-square-foot Carson/Del Amo industrial park in Carson, along with the El Presidio and Watsoncenter properties, also in Carson.

Kennedy Associates bought the Vista Industrial and Carson/Walnut projects in Carson, along with the Cerritos Commerce Center in Cerritos and the Susana Road Building in Rancho Dominguez.

Four Grubb & Ellis Co. brokers Michael Randall, Jim Biondi, Terry Reitz and Ken Miller negotiated the sales on behalf of all parties. Westmark, a unit of downtown L.A.-based commercial property services giant CB Commercial Real Estate Group, had acquired the properties on behalf of institutional clients a decade ago.

The series of local portfolio sales began last summer when a J.P. Morgan & Co. Inc.-backed fund is thought to have paid just over $66 million for the 1.7 million-square-foot so-called “Boston Properties” portfolio in the South Bay city of Compton.

Another big San Francisco-based pension adviser, AMB Institutional Realty Advisors Inc., purchased another South Bay industrial portfolio the 2.5 million-square-foot Los Angeles Industrial Center in late November for more than $90 million.

And in mid-January, RREEF purchased a 1.4 million-square-foot portfolio of Los Angeles-area industrial properties from Borstein Enterprises for about $60 million.

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