November 15, 2019 – A portfolio of eight industrial buildings totaling 131,050 square feet in Glendale, CA has traded for $25,500,000 in one of the largest deals to take place in the Tri-Cities market over the past 18-24 months, according to Hunter Warner and Brett Warner, principals of Lee & Associates-LA North/Ventura who represented the buyer, CPD Los Angeles, LLC, in the transaction.
“With an industrial vacancy rate in Glendale below 1 percent and the uses permitted on this property, there was a tremendous amount of competition for this portfolio,” said Hunter Warner. “Our buyer was able to prevail thanks in part to our ability to identify the opportunity about a month before it hit the market. That gave us a head start on underwriting the property.”
The portfolio, located at 1225, 1275, 1295 and 1291 Los Angeles St.; 440, 444 Cypress St.; and 437, 449 Fernando Court, consists of eight industrial buildings ranging in size from 3,000 – 59,000 square feet. It was fully leased at the time of the sale to a variety of tenants including wholesale trade printer 4OVER, a packaging company, a lumber company and a pharmacy.
Along with long-term, stable tenants, the property offers value-add opportunities with about 70,000 square feet of the total zoned IMU-R, which allows for commercial, industrial and residential uses.
“Our buyer has expertise in industrial, office and multifamily real estate, and that flexibility also set us apart from the competition, which tended to look at the portfolio either as an industrial or a redevelopment play,” Brett Warner added.
“Our buyer was particularly attracted to the flexibility of the asset and is considering several strategies for the portfolio,” said Hunter Warner. “We were clearly among the strongest contenders, but we were also fortunate to be able to work with the listing brokers Mike Maniscalchi and Tony Maniscalchi with Systems Real Estate, who played a key role in helping to get the transaction done.”
The seller is Pacific States Box & Basket Co., Inc. (PSBB Properties).