A client of BentallGreenOak has purchased an industrial property in the City of Industry for $61 million.
The seller, 300 Baldwin Park, and the buyer were both represented by CBRE Group Inc.’s Cameron Merrill.
The building, at 300 N. Baldwin Park Blvd., is fully occupied by Jacmar Foodservice Distribution. The company just signed a 10-year lease for the property.
The site has 6 million cubic feet of cold storage and six different temperature areas.
“The Baldwin Property is true a Class-A infill building with features comparable to a brand-new construction,” Merrill said in a statement. “We fielded multiple offers from very qualified buyers that were drawn to the strategic location of the property at the western end of the City of Industry, with drive around access, high-quality office space and more. This truly was a one-of-a-kind opportunity.”
The building was built in 2015.
Cold storage facilities are in hot demand. Meal delivery kits and an increase in people ordering groceries online have furthered the demand, experts say. L.A. is one of the five markets with the lowest amount of available space for cold storage, according to a CBRE report.
L.A.’s industrial market in general has grown increasingly tight. In the fourth quarter, the greater L.A. area had the lowest industrial vacancy rate in the country, according to CBRE. Industrial properties had a 1.4% vacancy rate, much lower than the 4.4% national average.
