LA’s Bridge Development Partners Sells South Bay Industrial Property for $102.5M
Bridge Development Partners has sold a newly redeveloped 512,490-square-foot industrial facility in Torrance in the South Bay area of Los Angelesfor $102.5 million to Morgan Stanley, sources familiar with the deal told Commercial Observer, which was reported by The Real Deal yesterday. Bridge recently completed an overhaul on the 20.37-acre property in the increasingly sought-after South Bay market, which it bought in 2016 for $43 million leading up to putting it on the market, according to property records.
The sale closed on April 12. Bridge Development and Morgan Stanley did not return calls for comment.
The property, at 20333 S. Normandie, formerly long-served as the headquarters for Farmer Brothers Coffee, which relocated to Northlake, Texas last year (the company still retains a presence in the Los Angeles area).
Completing construction earlier this year, the industrial facility was designed by HPA Architects to achieve Leadership in Energy and Environmental Design gold status and features 56 dock high doors, 36-foot warehouse clearance, 374 parking stalls, 172 trailer stalls and approximately 20,000 square feet of office space.
Jeff Chiate, Jeffrey Cole, Ed Hernandez and Mike Adey of Cushman & Wakefield’s capital markets services in Orange County represented both parties in the transaction.
The C&W team along with Rusty Smith, Rooney Daschbach, Steve Bohannon and Eric Daschbach of the firm’s South Bay office handled the 2016 sale from Farmer Brothers to Bridge Development.
“The latest sale of 20333 S. Normandie offered a tremendous investment opportunity of a one-of-a-kind redevelopment that really stemmed from the vision of the developer/seller,” said Chiate in a statement. “Having successfully sold this property immediately after completion—and twice now over just the past few years—reflects the desirability of these types of large facilities here in one of North America’s most powerful industrial markets and the continuous demand from institutional buyers (as well as other investor types). The industrial sector as a whole remains strong across Southern California, especially for strategically located facilities most proximate to port and population locations.”
Class A industrial properties represent less than 15 percent of the 234-million-square-foot South Bay market, Chiate added.