Newmark has announced the $24.52 million sale of a vacant 116,450-square-foot Class A warehouse/manufacturing building in Vernon, CA, an industrial city of 5.2 square miles located several miles to the southeast of downtown Los Angeles.
Newmark Executive Managing Director John McMillan, Senior Managing Director Jeff Sanita, Associate Director Greg Stumm, and Managing Director Danny Williams represented the buyer, a fund managed by Clarion Partners, LLC. Newmark Managing Director Richard Abdulian represented the seller, Sandberg Furniture.
Built in 2000, the property is situated on a 5.1-acre land parcel at 5685 Alcoa Ave, and provides many of the Class A features tenants value today, such as 30’ clearance, ESFR sprinklers, abundant parking and truck loading, a large fenced yard, and over 16,000-sf of high-quality, corporate image office space.
“A fund managed by Clarion Partners, LLC purchased the building vacant, and is conducting a major refurbishment of the property to attract an occupier seeking a Class A industrial facility with a prime last mile location right in the heart of Los Angeles County,” said McMillan. “With a third quarter 2018 industrial vacancy rate of 1.2 percent in the Greater L.A. Basin, and demand continuing to far outpace supply, this space will have a strong amount of tenant interest, and should be especially appealing to e-commerce companies.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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