Los Angeles –– CBRE has arranged the sale of a 14,400-square-foot industrial flex/office building at the intersection of Lairport Street and East Mariposa Avenue in the superblock area of El Segundo, California. Chicago-based Diamond Realty Holdings “DHR” purchased the property from an undisclosed seller for $6.05 million.
CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and seller in the transaction.
“600 Lairport Street is well-located on a highly visible corner in El Segundo and has excellent potential to be repositioned as a variety of uses, which is a rarity in this submarket,” said Bob Healey, a Senior Vice President with CBRE. “The property aligns with Diamond Realty Holdings’ strategy to acquire and improve old industrial buildings into more functional spaces, lending them to a wider range of flex uses.”
This acquisition adds to the DRH portfolio which already has over 275k square feet of infill flex industrial in Chicago, Miami and Los Angeles.
The property is situated on 1.13 acres at 600 Lairport Street. A long-term tenant currently occupies 2,400 square feet of the main 14,400-square-foot structure. The remaining 12,000 square feet of space is available for lease and fully divisible. New ownership will complete interior and exterior renovations to improve its façade and access to the site and create open flex industrial space that can accommodate a variety of uses. The property has ample surface parking and additional land available for flexible uses. It is located near the 105 and 405 freeways and a 10-minute drive of Los Angeles International Airport.
“600 Lairport provides a prospective tenant the unique opportunity to customize all aspects of the space, including size and buildout, with the help of some landlord concessions,” said David Treinish, Vice President of Asset Management for Diamond Realty Holdings.
Total vacancy for flex/industrial space in the South Bay submarket was 1.1% at the end of the first quarter of 2023, according to CBRE Research. El Segundo has attracted high-profile companies in the electronic automobile, space and cosmetic related industries.
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 2022 revenue). The company has approximately 115,000 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.
