An industrial building in Carson, Calif. totaling more than 85,000 square feet has recently been sold, adding to a number of industrial transactions recently taking place across the Greater Los Angeles area. Public records show that the property was purchased by The Southwest Regional Council of Carpenters for $46 million, or about $540 per square foot. The seller in the transaction was Vella Group, a Los Angeles-based investor and developer.
The property is located at 1010 Sandhill Avenue, in the Carson Industrial Park. According to a landing page on Vella Group’s website, the property consists of a two-story building totaling 85,259 square feet. Property records show that the building was last sold to Vella Group for $17.5 million in 2020.
The new owner of the property is a union representing more than 57,000 members across Southern California, Nevada, Arizona, Utah, New Mexico and Colorado. The organization currently has several locations throughout Southern California including in Los Angeles, City of Industry, Ontario, Riverside and Long Beach, among several others.
The new facility is located just north of State Road 91 and near Interstate 405.Carson is located approximately 13 miles south of downtown Los Angeles and is also just a short commute to the Los Angeles International Airport.
Across Los Angeles County, industrial properties are being scooped up left and right as demand in the region continues to pick up. According to an industrial market report from Newmark, vacancy dropped to 0.9 percent, with 1.38 million square feet of space absorbed in the first quarter. At the same time, rental rates in the Greater Los Angeles area have soared to $1.19 per square foot per month, as opposed to $0.93 at the same time last year.
