The Koll Company has purchased a 54,000-square-foot freezer facility in Norwalk for $11.9 million, the company announced Jan. 18. The seller was Klein Investments Family.
The facility, at 13034 Excelsior Dr., is fully leased to Cargill Meat Solutions.
The building has seven dock-high doors. There are no renovations currently planned for the building.
“The Los Angeles industrial market continues to tighten with a limited future supply pipeline,” said Scott Lanni, principal of The Koll Company, in a statement. “Acquiring this strategic and unique freezer facility at a value significantly below replacement cost will prove to be a strong long-term investment providing both cash flow and asset appreciation.”
Colliers International’s Mike Hartel, Joe Winkelmann and Nick Velasquez represented the buyer and seller in the transaction. East West Bank was the lender.
The Koll Company is based in Irvine.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans