In a continuing sign that the red-hot industrial market continues to heat up, a Morgan Stanley’s Prime Property Fund has acquired a newly developed 512,490 SF industrial facility in Torrance for $103M.
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Chicago-based Bridge Development Partners LLC had recently completed its redevelopment of Bridge Point South Bay, a 20.37-acre property at 20333 South Normandie in the South Bay market of Los Angeles.
Cushman & Wakefield’s Capital Markets team of Jeff Chiate, Jeffrey Cole, Ed Hernandez and Mike Adey represented the buyer and seller.
“As the home of numerous major corporations and a direct beneficiary of its proximity to the Los Angeles and Long Beach Port Complex, the South Bay industrial market continues to experience record low vacancy,” said Chiate, Cushman & Wakefield's executive managing director, in a news release.
Bridge Development acquired the site from Farmer Brothers Coffee for $43M in 2016. Bridge Development immediately razed the old Farmer Brothers headquarters and completed construction of the industrial park earlier this year.
HPA Architects designed the new industrial park to LEED Gold standard. The property features 56 dock-high doors, 36-foot warehouse clearance, 374 parking stalls, 172 trailer stalls and 20K SF of office space.
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SALES
A private trust has sold a 28-unit apartment in Northridge to an undisclosed buyer for $10.5M. Built in 2017, the apartment building at 18528 Chase St. is a mix of one-, two- and three-bedroom units. Marcus & Millichap’s Brett Sanson represented the seller.
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An undisclosed personal trust has purchased an apartment building with six units plus one nonconforming unit in Los Angeles from a private trust for $1.2M. The property is at 624 North St. Andrews Place. Marcus & Millichap’s Lane Schwartz, Joseph Lee and Andrew Chun represented the buyer and seller.
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A private local investor has purchased a 23-unit apartment complex in Norwalk from an undisclosed family trust for $4.35M. Built in 1963, the property at 11037 Ferina St. is a mix of one- and two-bedroom units. CBRE’s Dan Blackwell and Sean Farag represented the buyer and seller.
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Hong Kong-based Austin Pang Gloves Manufacturing USA has purchased a newly constructed, 72,271 SF industrial building in the City of Industry from CT Realty for $13.4M. Austin Pang plans to relocate its Santa Fe Springs headquarters to the industrial property in the CT Industry Center at 17343 Freedom Way. Lee & Associates’ Jeffrey Hubbard represented the buyer. Colliers International’s Tony Phu and Cushman & Wakefield’s Stu Milligan represented CT Realty.
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An undisclosed private investor has sold a 16-unit apartment building in Los Angeles to a local family investor for $5.6M. Built in 1957, the 15,360 SF two-story building at 3135 South Durango Ave. in the Palms neighborhood of Los Angeles consists of a mix of one-, two- and three-bedroom units. Stepp Commercial’s Kimberly Roberts Stepp and Mark Ventre represented the buyer and seller.
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A limited liability company has purchased a seven-unit apartment building in Santa Monica from an undisclosed seller for $2.4M. The property is at 1537 Centinela Ave. Marcus & Millichap’s Filip Niculete and Aida Memary represented the buyer.
LEASES
NorthMarq Capital’s Los Angeles office has arranged the $6.5M refinance of industrial buildings at 22220 and 22280 Opportunity Way in Riverside. The name of the borrower was not disclosed. Northmarq officials said the transaction was structured with a 15-year term with three years interest-only, followed by a 30-year amortization schedule for the 188,817 SF industrial property. Northmarq Capital’s Michael Elmore arranged the refinancing.
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On behalf of a private borrower, Marcus & Millichap's Institutional Property Advisors has arranged a $63.8M refinancing of a 268-unit multifamily property in Marina Del Rey. The debt placement was structured with 10 years interest-only fixed at 4.21%. IPA Capital Markets’ Danny Abergel arranged the financing.
