Nuveen Pays $151M for Distribution and Cold Storage Site in LA
The seller, Clarion Partners, acquired the property for $76.8 million just two years ago.
By Greg Cornfield October 19, 2022 5:20 pm
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Nuveen has made a big bet on the industrial real estate market in Southern California.
The investment firm paid $151.2 million for a fully leased Class A distribution project with 337,125 square feet in southeastern Los Angeles County, property records show. That’s almost double the amount that the seller, Clarion Partners, paid to acquire the property two years ago.
Cushman & Wakefield (CWK) represented the seller and announced the sale, but did not disclose the sale price.
The site is leased to three tenants, and features includes 87,139 square feet of new refrigerated space. It’s on more than 14 acres at 14001-14007 and 14041-14051 Rosecrans Avenue in the small city of La Mirada, where the industrial vacancy rate is at 0.6 percent. It was built in 1997 north of Interstate 5 and State Route 91, and it’s 15 miles from the ports of Los Angeles and Long Beach, and Los Angeles International Airport.
“The property is well positioned within the Mid-Counties industrial submarket, one of the strongest in the nation,” Cushman & Wakefield’s Rick Ellison said in a statement. “Low vacancy has driven rental rate growth in the area, creating an exceptional mark-to-market opportunity and an ideal long-term investment strategy. The property also provides leasing optionality with near-term lease expirations coupled with a range of suite sizes and configurations attracting a wide variety of prospective occupiers.”
Ellison worked with Cushman & Wakefield colleagues Jeff Chiate, Jeffrey Cole, Mike Adey, Brad Brandenburg and Matt Leupold on the deal on behalf of Clarion.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
