Cushman & Wakefield advises sale of 337,125 SF distribution / refrigeration property in Los Angeles County

Cushman & Wakefield announced the firm has advised the dispositional sale of a 337,125-square-foot Class A industrial distribution project in La Mirada, California. Situated on over 14 acres, the two-building property located in Los Angeles County is 100% leased to three tenants. The multi-tenant asset sold to Nuveen Real Estate, one of the largest investment managers in the world.

Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group based in Southern California represented the seller in the transaction. The firm’s Randy Ellison also provided local market advisory.

“This was an exceptional investment opportunity to acquire a rare and sizable institutional quality industrial project in an ultra-infill location, and that is 100% leased to a quality tenant roster,” said Executive Vice Chairman Jeff Chiate. “The property is also ideally positioned near a multitude of logistical freeway routes plus close proximity to ports and airports, and a robust customer base in the surrounding region.”

Originally built in 1997, the 337,125 sf project is located at 14001-14007 & 14041-14051 Rosecrans Ave and features ample loading, ESFR fire sprinklers, 30’ clear heights, and approximately 87,139 sf of new food-grade refrigerated space. The property offers an attractive image with major street frontage along Rosecrans Ave and a strategic industrial location just north of the confluence of the I-5 and SR-91 Freeways and 15 miles from the Ports of Los Angeles & Long Beach and Los Angeles International Airport. Additionally, the project provides close access to the Southern California freeway system including four freeways (I-710, I-105, I-605 & SR-57) all located within a ten-mile radius.

Executive Vice Chairman Rick Ellison added, “The property is well positioned within the Mid-Counties industrial submarket, one of the strongest in the nation. 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.”