Los Angeles –– CBRE brokered the sale of a 26,000 square-foot industrial property in West Los Angeles for $14 million, or $538 per square foot, to a local private buyer in a 1031-exchange.
Kevin Foley, Mark Shaffer and Mark Latimer represented the seller, a private investor. Located at 1977 South Sepulveda, the property features five creative industrial buildings in West Los Angeles and was vacant at the time of the sale.
“This was a unique investment opportunity for the buyer to acquire infill industrial space on nearly an acre of land in a market with a sub 1 percent vacancy rate,” said Foley. “In the near term, the new owner plans to lease up the vacant property with an eye to potential adaptive reuse and future redevelopment.”
He added, “Existing zoning accommodates a wide variety of creative industrial, retail and office uses. These warehouse buildings are centrally located and enjoy great accessibility to exciting West Los Angeles amenities, dense and affluent population and major freeways.”
The availability of space in the industrial sector in Greater Los Angeles remains tight, following a record year of unprecedented demand and absorption surmounting 14 million square feet in 2021, according to CBRE research. Asking rents rose to an all-time high of $1.33 per square foot in Q1 from $1.27 in Q4 2021, driven by limited vacancy and high levels of sustained demand. Overall vacancy hit a new low of 0.49 percent in Greater Los Angeles, as tenants attempted to expand their occupancy footprint in the supply constrained urban-port market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.