A 2.06-acre industrial property offering potential redevelopment opportunities has recently been placed up for sale in the Los Angeles submarket of Rancho Dominguez. According to a property listing by Marcus & Millichap, the industrial asset is on the market, with guidance set at $16.17 million.
The property is located at 2015 East University Drive and is owned by an entity affiliated with 2015 East University Drive Associates LP. Currently, the site is developed with a 33,469 square foot building. The current owner occupies the site but would deliver it vacant with a short term leaseback, according to the listing.
With current zoning, however, the property listing shows that the existing structure could also be demolished depending on the intended use of the new owner. According to Marcus & Millichap, both University Drive and Broadwick Street – which border the property – are wide streets, providing easy trucking access to the site. Overall, the site could be used for a number of industrial uses, including distribution, trucking terminal and container storage.
The property is 13 miles from the Port of Long Beach and within close proximity to Interstate 710 and 405. The area is home to a number of industrial assets as well, with occupants including Marathon Distribution Services, Santa Monica Seafood Company, Samsung, Ralphs Grocery and more.
Overall, Rancho Dominguez is a prime industrial submarket, with a vacancy rate of just 0.3 percent. According to Marcus & Millichap, the area has also seen a 14 percent rent increase in the past year. For new distribution space, rental rates currently average $24 per square foot and $10 to $12 per square foot for trucking/container space.
