Laskey Family Trust, a local family investor, is selling off its industrial portfolio in the Greater Los Angeles Area. According to a Los Angeles industrial market report from Kidder Mathews, the trust sold three properties during the third quarter for a combined price of $133.8 million.
In one transaction, the company sold a 125,000 square-foot industrial asset in Santa Fe Springs to Pacific Industrial, a Long Beach-based investment group. The report shows the property, which is located at 16930 Valley View Avenue was sold for $51.7 million, or about $414 per square foot.
Pacific Industrial also acquired a second property from the trust, which is located at 16290-16310 Shoemaker Avenue in Cerritos. The 150,379 square-foot property contains a mix of warehouse and office space and was sold to Pacific Industrial for $46.7 million, or about $310 per square foot.
Another warehouse building, totaling 178,522 square feet, was sold to national investment company LBA Realty during the first quarter of 2022. The property is located at 16017-16057 E. Valley Boulevard and sold for $35 million, or about $198 per square foot.
In general, companies are continuing to invest in Los Angeles’ industrial market. According to the report from Kidder Mathews, demand for industrial space in the region remains at an all-time high, with a vacancy rate of just 1.1 percent. Rental rates also finished the first quarter of the year at an all-time high of $1.38 per square foot, or roughly a six percent increase from the previous quarter. Kidder Mathews suggests that these trends will continue for the next several quarters as well with rental rates estimated to grow 10 to 15 percent throughout 2022.