Intercontinental Real Estate Corp. Enters LA Industrial Market
The firm has purchased a fully-leased, last-mile distribution facility in the San Fernando Valley as its first industrial acquisition in the county.
LOS ANGELES – The Boston-based, real estate investment management firm, Intercontinental Real Estate Corp. has acquired a 221,842-square-foot warehouse and distribution facility in Los Angeles’ San Fernando Valley.
The fully-leased facility was purchased from a Dallas-based, real estate investment firm.
The 13-acre property was built in 1975 and operated as a beverage packaging plant for the Ball Corp. until 2018. In 2019, the current seller acquired, redeveloped and leased the property to a multi-national e-commerce retailer.
The property now serves as a last-mile delivery facility, which serves 12.2 million people within a 50-mile radius.
Located at 20730 Prairie St. in the Chatsworth neighborhood of Los Angeles, the property is located 35 miles northwest of downtown Los Angeles.
The transaction represents Intercontinental Real Estate Corp.’s first industrial acquisition within Los Angeles County. The company currently has nearly two million square feet of industrial holdings on West Coast.
CBRE’s West Coast institutional properties team, led by vice chairman and managing director, Darla Longo and vice chairman, Barbara Perrier, marketed the property on behalf of the seller.
“Only a small percentage of the industrial inventory in the San Fernando Valley are buildings over 100,000 square feet and the majority of those are older product,” states Jessica Levin, senior director of acquisitions and head of Intercontinental Real Estate Corp.’s West Coast office.
Levin adds, “The size of the asset, combined with the quality of tenancy, seller’s recent improvements and the building’s centralized location in the most populated region of Los Angeles makes this an irreplaceable last-mile delivery facility in Los Angeles. It is a tremendous addition to our industrial portfolio.”