CBRE announced the sale of three industrial buildings in Los Angeles for $11.3 million to a Los Angeles-based lifestyle brand and maker of home and travel products, which will occupy one of the three properties.
CBRE’s Kevin Foley, Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack represented the private seller, KENO PROPERTIES, LLC, in the transaction.
The three buildings, totaling 53,064-sq.-ft., include the 27,436-sq.-ft. 1714 S. Maple Ave., the 17,141-sq.-ft. 1729 Wall St. and the 8,487-sq.-ft. 437 E. Washington Blvd. They are located just off the I-10 Freeway in the Fashion District in Downtown Los Angeles, home to many clothing manufacturers and emerging media tenants.
“This was a unique investment opportunity for the buyer to acquire prime space for both occupancy and leasing income,” said Foley. “These warehouse buildings enjoy great accessibility to exciting new downtown amenities and major freeways.”
He added, “The buyer has been a tenant at a nearby building, where they lacked expansion space. This acquisition will allow them to control their occupancy costs moving forward and have the option to expand into the remaining buildings in the future.”
Increasing asking rates, all-time low vacancies, and heightened competition for industrial space have been the theme for the Greater Los Angeles industrial market in Q3 2021, according to CBRE research. Overall vacancy hit a record low of 1 percent market wide as tenants sought to expand their industrial footprint in the densely populated region, according to research by CBRE.
“Given the incredibly tight industrial market in our region, this deal drew a considerable amount of attention from investors and occupiers, which ultimately lead to this sale,” said Foley.
CBRE’s Kevin Foley, Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack represented the private seller, KENO PROPERTIES, LLC, in the transaction.
The three buildings, totaling 53,064-sq.-ft., include the 27,436-sq.-ft. 1714 S. Maple Ave., the 17,141-sq.-ft. 1729 Wall St. and the 8,487-sq.-ft. 437 E. Washington Blvd. They are located just off the I-10 Freeway in the Fashion District in Downtown Los Angeles, home to many clothing manufacturers and emerging media tenants.
“This was a unique investment opportunity for the buyer to acquire prime space for both occupancy and leasing income,” said Foley. “These warehouse buildings enjoy great accessibility to exciting new downtown amenities and major freeways.”
He added, “The buyer has been a tenant at a nearby building, where they lacked expansion space. This acquisition will allow them to control their occupancy costs moving forward and have the option to expand into the remaining buildings in the future.”
Increasing asking rates, all-time low vacancies, and heightened competition for industrial space have been the theme for the Greater Los Angeles industrial market in Q3 2021, according to CBRE research. Overall vacancy hit a record low of 1 percent market wide as tenants sought to expand their industrial footprint in the densely populated region, according to research by CBRE.
“Given the incredibly tight industrial market in our region, this deal drew a considerable amount of attention from investors and occupiers, which ultimately lead to this sale,” said Foley.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
