This Investor Just Gained Prime Industrial Market Share

The property has seven buildings and is 96% leased.

LOS ANGELES—Black Equities has just gained some major market share in the Mid Counties industrial market. The investor bought a seven-building 452,000-square-foot industrial project at 13810-13950 Cerritos Corporate Drive in Cerritos from Angelo, Gordon & Co. and Crownsnest Properties for $62 million. This is a strong acquisition in a market with a very tight vacancy rate, high demand and rising rents.

“The vacancy rate in the Mid-Counties submarket is 0.5%,” Rebecca Perlmutter, VP at CBRE, tells GlobeSt.com. “This area has convenient access to all of the major freeways in Los Angeles and Orange County and sits within 16 miles to the Long Beach International Airport, 28 miles to Los Angeles International Airport and 20 miles to the Ports of Long Beach and Los Angeles.  The barriers to entry are extremely high due to the lack of available land. Hence, this submarket has one of the lowest vacancy rates in the country. These facts point toward rent growth as the existing inventory is getting absorbed.” Rebecca Perlmutter represented both the buyer and the seller in the transaction along with CBRE’s Darla Longo, Barbara Emmons, Michael Kendall and Rick McGeagh.