LOS ANGELES-A 57,000-sf industrial building in the Los Angeles Inernational Airport market has sold for $13.1 million, or $230 per sf, an all-time market high price per sf for an industrial building of its size in the Los Angeles International Airport market, according to brokers in the deal. The property is at 5651 W. 96th St., a quarter of a mile from LAX and across the street from Neutrogena's world headquarters.
The buyer was Avila 8 LLC, a company in the natural gas industry that formerly was based in Santa Monica and acquired the property from Cargo Ventures, an industrial investment and development firm based in New York. According to Marcus Gilmour, a vice president at Leonard & Ohren, the deal is yet another example of the migration of Westside industrial companies into the LAX market.
Gilmour says that Leonard & Ohren's marketing campaign for the building focused on brokers and Westside companies. "Our challenge was to introduce this LAX industrial facility to the marketplace as a viable option for Westside companies," he says. He notes that industrial buildings in the LAX market in this size range previously sold for $165 and $175 per sf.
Gilmour adds that the Westside industrial market continues to diminish as industrial properties are converted to other uses, such as residential and retail. As a result, many Westside industrial companies are recognizing that relocation to the LAX industrial market may be an option.
The seller was represented by Gilmour and Britten Shuford of Leonard & Ohren, which is the strategic advisory and brokerage division of its sister company, Pacifica Capital Group. The 5651 W. 96th St. building was previously occupied by DHL as a distribution/logistics facility.
© 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.