A 337,125-square-foot Class A industrial distribution project in La Mirada sold for an undisclosed sum. Cushman & Wakefield, which advised the sale of the property, announced the transaction last week.
Situated on more than 14 acres, the two-building property is 100% leased to three tenants. An undisclosed owner sold the multi-tenant asset to Nuveen Real Estate, one of the largest investment managers in the world.
Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s Randy Ellison also provided local market advisory.
“This was an exceptional investment opportunity to acquire a rare and sizable institutional quality industrial project in an ultra-infill location, and that is 100% leased to a quality tenant roster,” Chiate said in a statement.
Originally built in 1997, the 337,125-square-foot project is located at 14001-14007 & 14041-14051 Rosecrans Ave. The property features ample loading, ESFR fire sprinklers, 30’ clear heights and approximately 87,139 square feet of new food-grade refrigerated space.
The building displays an image with major street frontage along Rosecrans Avenue and has a strategic industrial location just north of the confluence of Interstate 5 and State Route 91 freeways and 15 miles from the Port of Los Angeles, the Port of Long Beach and Los Angeles International Airport.
“The property is well positioned within the Mid-Counties industrial submarket, one of the strongest in the nation,” Ellison said in a statement. “Low vacancy has driven rental rate growth in the area creating an exceptional mark-to-market opportunity and an ideal long-term investment strategy. The property also provides leasing optionality.”
