Industrial properties continue to be in high demand across Southern California, and one in Compton has recently been placed on the market. According to a marketing brochure from Centennial Advisers, a 50,252 square foot industrial property in Compton has been listed with an asking price of $20.4 million, or about $406 per square foot.
The property is located at 1401 W Walnut St., and is currently occupied by Ceratizit Los Angeles, according to Google Maps. The property is owned by an entity linked to West Walnut Industrial LLC, which acquired it in 2021 for $11.5 million, according to public records.
Constructed in 1979, the building consists of a warehouse space with seven loading docks as well as a two-story office totaling 8,352 square feet of office space. The office space features an open floor plan on the first floor, several conference rooms, private suites, CEO’s office and a large break room. The building is situated on a 2.1-acre lot and includes 76 parking spaces.
The property, which could serve an owner/user or investor, could also serve a variety of uses, according to the property listing. The property is zoned COMH (Compton Heavy Manufacturing), offering a number of manufacturing, production and distribution uses.
The building is situated just off Route 91 near a number of other industrial properties. The Ports of Los Angeles and Long Beach as well as the Los Angeles International Airport are all within close proximity of the site.
In general, the industrial market across Greater Los Angeles continues to face challenges, much like the rest of the commercial real estate industry. Despite this, the industrial sector continues to see low vacancies and higher demand than other sectors of the market. According to a second quarter market report from CBRE, Los Angeles’ vacancy rate in the second quarter was at 1.5 percent. The asking lease rate also remained steady at $1.69 per square foot. Absorption remained negative, however, at 922,000 square feet. Although, this was an improvement from the previous quarter’s negative absorption of 2.6 million square feet.