December 14, 2020 9:00 AM
Newmark announces the $15.9 million sale of Paramount Business Park, a 63,214-square-foot, two-building, multi-tenant industrial project in Paramount, CA.
Newmark represented the seller, Marcus Adams Properties, LLC and Excelsior Partners, LLC and the transaction was led by Newmark’s Private Capital Group, Managing Director Ryan Plummer, Executive Managing Director Sean Fulp, and Director Mark Schuessler, with support from Co-Head, U.S. Capital Markets Kevin Shannon. The buyer was SAFCO Capital Corporation.
“The buyer is benefitting from a committed tenant base in a well-located industrial project that offers fenced yards and above-market parking, features that continue to drive industrial rent premiums,” stated Plummer. “Situated on 6.41 acres, this is a fantastic long-term covered land play in one of the most robust industrial submarkets in the nation.”
Paramount Business Park is located at 6319–6421 E. Alondra Boulevard and is comprised of two concrete tilt-up industrial buildings and an acre of land dedicated to two AM radio towers. The buildings feature fenced yard areas, dock-high and ground-level loading, 22-foot clear height, functional mezzanine space and above market parking.
The buildings are fully leased to The United States of America General Services Administration and VNSM. The offering also includes a long-term lease of two radio tower pads to Hi-Favor Broadcasting, LLC, which broadcasts for KLTX, a radio station serving greater Los Angeles since 1926.
The 222-million-square-foot, South Bay industrial market has historically been one of the strongest markets in Los Angeles County due to its proximity to the Ports of Los Angeles and Long Beach and LAX, the region’s major economic engines. As of 1Q 2020, the South Bay reported a total vacancy rate of 1.1 percent, total asking rents of $0.93 PSF NNN, near an all-time low and high, respectively, according to Newmark Research.
Since the beginning of the pandemic, Newmark’s Private Capital Group has closed 25 transactions totaling more than $456 million, with the majority of the buyers being comprised of private investors. Despite the volatility in the marketplace, which has sidelined many institutional investors, private capital continues to remain active and seek well-located, generational assets with industrial leading the way.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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