AIDS Healthcare Foundation Buys LA Warehouse for $20M
By Nick Trombola October 23, 2023 12:03 pm
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The AIDS Healthcare Foundation (AHF) has purchased a 54,000-square-foot distribution warehouse in Carson, Calif., in Los Angeles’ South Bay, broker Kidder Mathews announced last week.
The nonprofit bought the industrial property at 18421 South Main Street from Shultz Properties for $20 million. Andrew Dilfer, Luke Staubitz and Harvey Beesen of Kidder Mathews represented the seller.
“Industrial building sales in the South Bay of this size have been limited in 2023 given the instability in the debt markets, borrowing costs, and rising cap rates,” Staubitz said in a statement. “This successful closing demonstrates that some significant sales are crossing the goal line, even in the current climate.”
Built in 2002, the warehouse sits on a 107,593-square-foot lot and includes 4,200 square feet of office space and close access to the 405,110 and 91 freeways.
L.A.-based AHF is the largest provider of HIV medical care in the world, a major activist behind state and local rent-control campaigns, and has made other recent moves in the commercial real estate space.
The nonprofit bought the 12-story Insurance Exchange Building in Downtown Los Angeles in March for $21.3 million, with the intention of transforming the property into affordable housing. AHF has spent more $183 million purchasing and renovating properties throughout Greater L.A. as part of its program to address homelessness in the city, according to the organization.
AHF, along with its affiliate AIDS Center of Queens County, also signed a 15-year, 27,750-square-foot lease in Jamaica, Queens, for one of its centers last October.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
