Cohen bought the property from IZCC LLC through Cohen's CAM Core+Fund 1, a nationwide industrial and office fund that it closed this summer. The property, at 13340 E. 183rd St., is solely occupied by Isuzu.
Built in 1981, the Carmenita Corporate Plaza is a three-story steel frame and concrete development with one level of subterranean parking and a parking ratio of 5.25 spaces per 1,000 sf of office space. The property has immediate access to the 91 freeway and is close proximity to the 605, 5, 105 and 710 freeways.
The sale of Carmenita Corporate Plaza sale was brokered by Scott Schumacher and Kevin Shannon of CB Richard Ellis, who represented the buyer and the seller. Cohen's CAM Core+Fund 1 is structured to invest up to $100 million of equity to acquire approximately $285 million of property nationwide. The company says that before the closing it identified more than $90 million of assets that it plans to acquire.
Bradley Cohen, CEO of Cohen Asset Management, says that the fund is targeting "high quality properties valued between $10 and $20 million," typically newer assets in prime locations, with current occupancies of at least 75%. Cohen's target markets include Phoenix, Dallas/Ft Worth, Minneapolis, New York/New Jersey, California, Baltimore-Washington, St. Louis, Cincinnati, Kansas City, Chicago, Portland and Seattle.
Cohen closed the CAM Core+Fund 1 in July. Cohen Asset Management has controlling interests in 15 million sf of industrial properties.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.