CBRE Group, Inc. announced the acquisition of a 58,555 square-foot industrial property in Paramount, Los Angeles County, by dbest products Inc., a manufacturer of lightweight, collapsible rolling carts and bags, as part of a 1031-exchange transaction totaling $13.7 million in consideration.
CBRE’s Robert Flores, Brian Held and Ryan Foley represented Richard Elden, the Owner and President of dbest products, in the $9.31 million purchase of the property, located at 7825 Somerset Boulevard and in the $4.39 million sale of his previously owned and occupied 30,512 square-foot building at 15500 Cornet Street in Santa Fe Springs, California. The team of Flores, Held and Foley also represented Elden in the original purchase of the Santa Fe Springs property in 2015.
“dbest products was recently featured on ABC’s Shark Tank,” said Flores. “The company secured a deal with both, Mark Cuban and Lori Greiner, and that will only help to propel the already-rapidly growing company to new heights.”
The new property is made up of five contiguous industrial condos in a high-image park, providing on-demand expansion capabilities and the opportunity to lease any unused space.
The Greater Los Angeles industrial market has started off strong in 2017. Despite a lack of available properties, activity was remained strong over the past 12 months. Vacancy rates will continue to trends downwards, as new construction is outpaced by demand, according to CBRE research. Rental rates are expected to climb an additional 6.3 percent by the first quarter of 2018.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.