A 173,134-square-foot industrial property in Pico Rivera has sold for $63 million.
Chicago-based CenterPoint Properties purchased the property from the owner-occupier in a sale-leaseback transaction.
Daum Commercial Real Estate’s Jordan Lara, Rudy Lara and Nick Peukpiboon represented CenterPoint Properties in the off-market sale.
The property is located at 8500 Mercury Lane and has 32-foot clear heights and 24 dock-high doors with the potential for six more.
“This property is a true core investment, providing the buyer the incredibly rare opportunity to add a high-quality industrial property with long-term stabilization in an infill Los Angeles County location to its portfolio,” Lara said in a statement. “We were able to effectively demonstrate the current and future value of the property and its location within an emerging submarket, ultimately closing what is one of the highest per-square-foot industrial sales for a building of this quality and size in the county to date.”
The property, according to Daum, could eventually be repositioned as a two-tenant facility.
In a sale leaseback, the seller sells a property, then leases it back.
The Central Los Angeles industrial submarket has been in high demand. During the second quarter of the year, the market saw a vacancy rate of 2.7%, compared with 4.5% the year prior, according to data from Jones Lang LaSalle Inc.
The market, according to JLL data, had 4.2 million square feet of industrial product sell or lease, up from 1.4 million square feet the year prior. And asking rents were $1.04 on a triple net basis, up 4 cents in a year.
