Two freestanding industrial buildings in Gardena sold in an off-market transaction for $22.7 million.
Chuck Brill, executive vice president and South Bay branch manager at Daum Commercial Real Estate, represented the buyer, El Segundo-based investor Dunbar Real Estate Holdings LLC, in the transaction. The seller, real estate investment and property management firm T.A Properties, was represented in the transaction by the Altemus Co. The deal closed Feb. 3.
The buildings are located at 1355 – 1361 W. 190th St. Situated adjacent to Interstate 405, the property features approximately 400 feet of freeway frontage with an additional 500 feet of frontage along 190th Street. The property is comprised of two concrete tilt-up buildings totaling 92,640 square feet situated on 3.66 acres.
With a mix of national tenants including AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts on long-term, below-market leases, the property offers a unique investment opportunity to secure a stabilized, net-leased industrial asset, according to Brill.
“Having recently represented a lessee in a lease transaction regarding one of the vacant units at the subject property, we had established a valuable relationship with the lessee and were made aware of the possibility of the industrial park coming for sale,” Brill said in a statement. “By strategically positioning our client’s offer, we were able to capture the seller’s attention before the property officially came available. Leveraging our extensive understanding of the South Bay market and strong industry partnerships, we collaborated with all parties involved to ultimately beat out multiple all-cash offers despite the buyers ultimately obtaining financing.”
According to a recent Daum report, the South Bay submarket of Gardena maintains low vacancy rates, recording 1.6% direct vacancy in the fourth quarter of 2022 with an average asking rent of $1.75 per square foot.
