March 4, 2020 – DAUM Commercial Real Estate Services has completed the sale of a 130,392 square-foot industrial warehouse in the northern Los Angeles County submarket of Palmdale, California, on behalf of the seller, Sinclair Printing, according to DAUM’s Vice President Dennis Marciniak, who completed the sale along with Vice President Larry McEwan.
The buyer, California-based real estate firm Greenlaw Partners, has secured a major multinational technology company as a tenant to occupy the entire building.
“Our client was consolidating its commercial printing operations in the Los Angeles area and looking to quickly secure a premium price in order to liquidate the asset and focus on future growth,” says Marciniak. “Drawing upon our industry relationships and expertise in the market, we were able to garner several offers from industrial users and investors, presenting the seller with the opportunity to choose what was best for their business goals.”
McEwan notes that the property was in demand due to its positioning as one of the largest manufacturing buildings in the Antelope Valley, an extremely tight market seeing sub-2% industrial vacancy rates.
“Along with strong market fundamentals, this asset was attractive to potential buyers due to its location in a foreign-trading zone, which offers the incentive of reduced tariff burdens for owner-users and tenants,” McEwan continues. “In addition, we were able to leverage the fact that the buyer purchased a 26-acre lot adjacent to this property to negotiate and close this win-win deal for both parties.”
According to Marciniak, the building has a prime location within the Palmdale Trade and Commerce Center, in close proximity to many freeways including State Routes 14, 138, and 122, which provide convenient access throughout the region and to the ports of Los Angeles and Long Beach. The property is also a 10-minute commute from the Palmdale Regional Airport.
The asset, which was sold for $15 million, also exhibits unique features and functionality that add to its appeal, notes McEwan.
The property sits on 8.69 acres and includes ample warehouse space, 15,000 square feet of office, a conference room, and an overflow storage area. The building features 28’ clear height, four dock-high loading doors, and 100% refrigerated air.
The warehouse is located at 600 W. Technology Drive in Palmdale, California.