LaTerra Development Purchases Three-Building Industrial Portfolio in Marina Del Rey for $37MM 

LaTerra Development, Los Angeles, Marina Del Rey, The Motoring Club, Park Bros, Macquarie Asset Management

By Catherine Sweeney 

After recently branching out into self storage and industrial assets, LaTerra Development is continuing to expand its footprint in the Greater Los Angeles area. Most recently, the company purchased three industrial assets in Marina Del Rey totaling 33,700 square feet. According to records filed with Los Angeles County, the properties were sold by Park Bros. for $37 million, or about $1,097 per square foot. 

The properties are located at 4112, 4130 and 4134 Del Rey Avenue and total 11,000 square feet, 12,500 square feet and 10,200 square feet, respectively. The properties are currently home to several tenants, including The Motoring Club, which occupies the entirety of the building at 4112 Del Rey Avenue. 

While it is unclear what plans, if any, LaTerra Development has for the site, the company has its hands on a number of Los Angeles area projects. Earlier this month, the company announced its newly established self-storage development platform, which is a joint venture with a fund managed by Macquarie Asset Management. The platform will deploy up to $300 million for self-storage developments throughout the Greater Los Angeles area. 

The company has already begun work on its first three self-storage assets, which include 55,000 square feet in Mar Vista, 63,000 square feet in Van Nuys and 77,000 square feet in the North Hollywood/Burbank area. 

Founded in 2009, LaTerra Development is responsible for developing and constructing a number of mixed-use projects across the United States. The company has more than 3,000 multifamily and build-to-rent units and over 1 million square feet of commercial space across the nation, with its recent step into industrial and self storage assets only anticipated to up these numbers. The estimated value of LaTerra’s current projects also exceeds $3 billion.