(According to public property records, the property was sold for $21.35 million, or about $280 per square foot.)
LOS ANGELES – JLL Capital Markets announced today that it arranged the sale of 5630 Cerritos Ave., an infill light industrial facility totalling 76,032 square feet in the highly sought-after West Orange County submarket of Greater Los Angeles, California.
JLL represented the seller, Penwood Real Estate Investment Management, LLC, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V, L.P., and procured the buyer, Rexford Industrial.
Built in 1989, the building features 26-foot clear height, eight dock-high positions, one grade level door and rear-load configuration. The property is situated on a 3.55-acre parcel and is fully leased to a single tenant.
The property is near I-5, I-405, I-605, CA-22, and CA-91 freeways all of which are within five miles, offering exceptional regional connectivity and attractive signage opportunities. It is also conveniently located 25 miles from eight Union Pacific and BNSF intermodal rail yards and 28 miles from the Los Angeles International Airport
The JLL Capital Markets Industrial team was led by Senior Managing Directors Mark Detmer and Jeff Bramson, Managing Directors Ryan Sitov, Andrew Harper and Brian Halpern, and Directors Matt McRoskey and Will Poulsen.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
