August 12, 2019— The Klabin Company/CORFAC International today announced it negotiated the sale of a 52,069-square-foot industrial facility at 1405-1407 240th Street in Los Angeles. The 100% leased, single-tenant complex is located in the South Bay submarket on 2.64 acres of land and features 4,500 square feet of office, heavy power, four dock-high positions, four ground-level doors, up to 25’ of clear height and fenced, private yard. The concrete tilt-up building was constructed in 1999.
The Klabin Company’s Matthew Stringfellow, SIOR, and Courtney Bell represented the seller, L&B Realty Advisors, LLP in the $11 million transaction. The property was sold to Alere Property Group, LLC.
Founded in 1965, L&B Realty Advisors is a real estate investment advisor that has earned a track record of successfully acquiring, operating, developing and selling institutional quality office, retail, industrial and multifamily property on behalf of its clients.
Alere Property Group is a fully integrated real estate firm specializing in the investment and development of industrial assets in Southern California. Since its founding in 2003, the company has developed or acquired in excess of 26 million square feet of industrial assets with a current market value exceeding $3.5 billion. As a full-service real estate operating company, Alere acquires industrial properties, oversees land and building development, design, engineering, financing and asset management activities.
The tenant is Simpson Race Products which has occupied the facility since 2006 and has two and one-half years remaining on its current lease. Since 1959, Simpson Race Products has been manufacturing products for racing safety. Simpson is one of the most recognized brands in racing safety, protecting the driver and crew from head to toe with helmets, fire retardant racing suits, restraints, shoes and gloves. Simpson racing suits, team apparel and sublimated shirts are created at 1405-1407 240th Street.
“This was a rare opportunity to acquire an institutional quality, single-tenant industrial building in the South Bay, an area with historic low vacancy and ideal market conditions,” said Stringfellow. “This is a stabilized investment with a financially secure tenant and potential for increased value. It also has significant market-to-market upside when the existing lease expires. The property is located nine miles from the Twin Ports of Los Angeles and Long Beach and 13 miles to LAX and has convenient access to several freeways. For these reasons, it was an attractive purchase for Alere Property Group.”