Dunbar Real Estate Holdings has acquired a 92,640-square-foot industrial park in Gardena, Calif. The Altemus Co. sold the net-leased asset in an off-market transaction through its affiliate, T.A. Properties Ltd., for $22.7 million.
DAUM Commercial Real Estate Executive Vice President & Principal Chuck Brill represented the buyer. The Altemus Co. was self-represented in the deal.
Completed in 1971, the two-building property occupies 3.7 acres and features 18- and 19-foot clear heights, fire sprinklers, dock-high loading doors, private security fenced yards and grade-level parking. The tenant roster includes AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts, all on long-term, below-market leases.
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The facility is located at 1355 and 1361 W. 190th St., adjacent to Interstate 405 and roughly 14 miles from the ports of Long Beach and Los Angeles. The property has 400 feet of freeway frontage and 500 feet of main street frontage along 190th Street. The surrounding area includes other industrial users, such as Syncreon, Mitsubishi Logistics, Sunrider International, Cosmo Distributing and Amazon.
A DAUM industrial report on the West/South Los Angeles market shows that sales volume totaled $670.6 million in the fourth quarter of 2022, a decline of 37.1 percent from a record-breaking third quarter. Brill stated in prepared remarks that the DAUM team managed to lock in a low purchase price for this transaction in a market that had slower activity during this time, but also in the context of the new ‘Mansion Tax’ that will become effective halfway through the escrow period.
In January, Rexford Industrial Realty Inc. paid $198.1 million for a five-property portfolio of 518,931 square feet, with assets located in Southern California’s South Bay and Inland Empire-West submarkets. Another significant deal took place back in October 2022 when Nuveen Real Estate purchased La Miranda Center, a 337,125-square-foot industrial campus for $151.2 million, in Miranda, Calif.