Marcus Adams Properties LLC of Downtown Los Angeles bought the Alondra Boulevard buildings from Pender Properties, which originally developed the industrial park in 1984-1985. At the time of the sale, the buildings were 100% leased to Extra Express, GSA-Homeland Security and Aquastar in four units.
The sale also included excess land with two on-site radio towers leased by Hi-Favor Broadcasting on a long-term basis. The assets are located in a 26 building master-planned Business Park, which is close to the ports of Los Angeles/Long Beach and features frontage along the Long Beach (710) Freeway.Marcus Adams Properties is a private real estate investment firm specializing in the acquisition, ownership, management and leasing of quality industrial real estate in major port and distribution markets, with primary emphasis in California. The company owns more than 1.8 million sf of industrial real estate, primarily in Southern California.
 2355 Utah |
 1700-1702 El Segundo |
Roland Products was represented by Joshua May of Grubb & Ellis' South Bay office, with the seller represented by Rudy Lara of Daum Commercial Real Estate Services.The new Roland facility will be in addition to an existing location the company has on Olympic Bouelvard in Los Angeles.
 89-91 N. San Gabriel |
Built in 1947-1985, the asset consists of six light-industrial warehouse buildings, five single-story and one two-story. Rexford describes the property as it exists as "a dysfunctional multi-tenant layout in which parking spaces interfere with loading and parking that is not easily accessed by corresponding user spaces." The property is 30% occupied by month-to-month tenants.
Rexford notes that portions of the buildings feature brick walls, bow-truss roof structure and clearstory windows. These features will be restored and architecturally highlighted "to appeal to more creative, higher-paying tenants seeking this type of creative industrial space in Pasadena," according Rexford managing partner Howard Schwimmer.
"The value-add strategy for the property is to reposition the buildings into four functional industrial units for lease," Schwimmer explains. "By reconfiguring the building with a more conventional layout, highlighting unique interior and exterior architectural features and creating additional parking, we expect to capitalize on the high asking rates for industrial space in the exceedingly low vacancy in-fill East Pasadena submarket."
Eugene Sun of Region One Realty represented both Rexford Industrial and the seller, Tsan Kuenn U.S.A. Incorporated, a California corporation.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.