Exan Capital Acquires Amazon Warehouse in LA

Greenlaw Partners sold the 130,392-square-foot property after acquiring it for $15 million in February 2020

reprints


E-commerce properties are flying off the shelves just as fast as the products they distribute.

Exan Capital has acquired a newly renovated warehouse that’s fully leased to Amazon in northern Los Angeles County for $59.7 million, according to property records. Greenlaw Partners sold the 130,392-square-foot property after acquiring it for $15 million in February 2020 and completing extensive upgrades. It’s located on nearly 27 acres at 600 West Technology Drive in the city of Palmdale.

SEE ALSO: Harbor Group Sells Pompano Beach Apartment Complex for $96M

Cushman & Wakefield announced the sale but did not disclose the price. 

“Consumer demand for same-day delivery has made these last-mile fulfillment assets arguably the most critical part in the supply chain model,” Cushman & Wakefield’s Mike Adey said. “The COVID-19 pandemic has strengthened the already substantial role e-commerce has in the economy and assets like this are vital in the goal to provide quicker, cheaper shipping to the end consumer.”

Cushman & Wakefield’s Jeff Chiate said demand for quality industrial product remains robust in Greater L.A., which is “one of the top logistical locations in the world, and where many submarkets are regularly achieving historically low vacancies and high rental rates.”

Adey and Chiate, along with Jeffrey Cole, Ed Hernandez, Brad Brandenburg and Matt Leupold with Cushman & Wakefield, represented the seller in the transaction. It wasn’t immediately clear who represented the buyer.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.