May 2, 2023 9:00 AM
Newmark announces that it has arranged the sale of Carson Business Park, a 38,152-square-foot, five-building industrial park situated on 1.9 acres in Carson, California.
Newmark Senior Managing Director Scott Schumacher and Associate Director Aaron Banks in collaboration with Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Director Andrew Briner and Managing Director Anthony Muhlstein represented the seller, Carson Five, LLC. The buyer was Partners Capital, based in Los Angeles.
Located at 401 – 409 Gardena Blvd, the property was 100% leased at the time of sale to 16 unique tenants with a weighted average lease term of approximately 0.8 years, and in-place rents 61% below market.
“Carson Business Park is a highly functional project that caters to a wide array of small bay tenants in the coveted South Bay submarket.” Banks commented. “The project’s near-term mark-to-market exposure, coupled with its centralized location and proximity to infrastructure, offers an extremely compelling value proposition.”
Schumacher added, “Investor demand remains high for quality industrial multi-tenant projects in this market due to the fact that the existing inventory is extremely limited and there has been no new construction of this industrial incubator product-type over the past 20 years.”
The South Bay is one of the leading industrial submarkets in the world, boasting a vacancy rate of 1.2%, with limited land available for new industrial development. The location provides direct access to I-110 and I-405 and is proximate to the region’s primary economic engines—the Port of Los Angeles and Long Beach and Los Angeles International Airport.
 Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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- Newmark Facilitates Sale of Five-Building Industr…
Newmark Facilitates Sale of Five-Building Industrial Park in Carson, California
May 2, 2023 9:00 AM