Press Release

CBRE Announces Sale of Fully Leased Industrial Property in City of Industry, Calif. for $61 Million to BentallGreenOak

2020 一月 28

Los Angeles – CBRE announced the sale of a single-tenant industrial property in City of Industry, Calif. to a client of BentallGreenOak, a global real estate investment management firm, for $61 million or $265 a square foot.

Cameron Merrill represented the seller, 300 Baldwin Park LLC, a private owner.

The 230,247 square-foot property, located at 300 N. Baldwin Park Boulevard, is a single-tenant building, 100 percent occupied by Jacmar Foodservice Distribution. The privately-owned company, which services the region’s restaurant industry, just signed a new 10-year lease at the property, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.

The building, completed in 2015, is situated on the northwestern side of City of Industry, just off the 605 and 10 Freeways.

“The Baldwin Property is true a Class-A infill building with features comparable to a brand-new construction,” said Merrill. “We fielded multiple offers from very qualified buyers that were drawn to the strategic location of the property at the western end of the City of Industry, with drive around access, high-quality office space and more. This truly was a one-of-a-kind opportunity.”

The Greater Los Angeles industrial market showed its resilience is rooted in solid fundamentals of limited supply and strong demand, according to CBRE’s fourth-quarter research. The region had the lowest industrial vacancy across the nation in the last quarter, decreasing 20 basis points year over year to 1.4 percent, compared with the national average of 4.4 percent. This in turn attracted more than $1.3 billion in capital in Q4 with the average price per square foot rising from $171 to $210 year over year.

Particularly cold-storage facilities have been in increasing demand. Investors increasingly are warming up to the sector, pushing cap rates for class A facilities closer to those of traditional high-quality warehouses, according to a new report from CBRE. This has been especially true in markets with low availability rates such as Los Angeles. The metro is among the five markets with the lowest available space at 4 percent, following only Detroit at 3.3 percent, Savannah with 3.6 percent and Milwaukee with 3.8 percent.
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 2021 revenue). The company has more than 105,000 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. Please visit our website at www.cbre.com.