Cushman & Wakefield advises sale of newly renovated 130,392 SF distribution/e-commerce facility in North Los Angeles

Cushman & Wakefield has advised Greenlaw Partners, a Southern California-based real estate operating company, in the disposition sale of a newly renovated industrial distribution/e-commerce building totaling 130,392 square feet on nearly 27 acres in Palmdale (Los Angeles), California. The property is currently 100% leased to a global Fortune 10 e-commerce company.

Exan Capital, an independent real estate fund manager with asset management services, primarily active in United States gateway markets and select European cities, acquired the property in December 2021.

Located at 600 W Technology Drive in the northern portion of Los Angeles County, the single-tenant property was originally constructed in 1998 but recently underwent extensive interior and exterior capital improvements.

Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

“This is a high-grade logistics property supported by a superior credit tenant creating a stabilized asset with secure cashflow,” said Jeff Chiate, Vice Chairman. “The abundance of the site further added to the rarity of this investment opportunity, offering excess land for parking along with the potential for future development in Southern California, where supply remains very constrained.”

Chiate continued, “Demand for quality industrial product remains robust in Greater Los Angeles, one of the top logistical locations in the world, and where many submarkets are regularly achieving historically low vacancies and high rental rates.”

600 W Technology has recently undergone a significant number of upgrades including the addition of more loading doors, the creation of an adjacent parking area for over 1,100 vehicles, a new roof, new building paint, and all new exterior landscaping.

Mike Adey, Director said, “Consumer demand for same day delivery has made these last mile fulfillment assets arguably the most critical part in the supply chain model. 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.”

The City of Palmdale provides direct access to SR-14 (Antelope Valley Freeway) and Highway 138, as well as rail access via the Southern Pacific Transportation Company, making it readily accessible to commuters and users.