Cushman & Wakefield Represents Both Parties in Sale, Representing Firm’s Second Sale of Property since 2016
LOS ANGELES, Calif. – May 15, 2018 – A newly developed 512,490-square-foot (sf) state of the art industrial facility in Torrance (Los Angeles), California has sold for $102.5 million. Chicago-based Bridge Development Partners, LLC, which recently completed its redevelopment of the 20.37-acre property in the sought after South Bay market following its procurement in 2016, sold the new facility to a global private real estate investor. Jeff Chiate, Jeffrey Cole, Ed Hernandez, and Mike Adey of Cushman & Wakefield’s Capital Markets services in Orange County represented both parties in the transaction.
The property formerly long-served as headquarters for Farmer Brothers Coffee, which relocated its headquarters to Northlake, Texas last year (the company still retains a presence in the Los Angeles area). Notably the veteran Cushman & Wakefield investment services team in Orange County together with Rusty Smith, Rooney Daschbach, Steve Bohannon, and Eric Daschbach of the firm’s South Bay office also handled the 2016 sale between Farmer Brothers and Bridge Development. Each of the sales showcased the vast experience and skill of the Cushman & Wakefield team to transact under both complex and forward-thinking situations.
“The latest sale of 20333 S. Normandie offered a tremendous investment opportunity of a one of a kind redevelopment that really stemmed from the vision of the developer/seller,” said Mr. Chiate, Executive Managing Director and Head of the West for Cushman & Wakefield’s National Industrial Advisory Group (IAG). “Having successfully sold this property immediately after completion—and twice now over just the past few years—reflects the desirability of these types of large facilities here in one of North America’s most powerful industrial markets and the continuous demand from institutional buyers (as well as other investor types). The industrial sector as a whole remains strong across Southern California, especially for strategically located facilities most proximate to port & population locations.”
He added, “As the home of numerous major corporations and a direct beneficiary of its proximity to the Los Angeles & Long Beach Port Complex, the South Bay industrial market continues to experience record low vacancy. The redevelopment of this site provided a positive enhancement to this market, which now stands to see the long-term benefit of this modern and high-end industrial facility where Class A supply is less than 15% of the 234-million-square- foot marketplace. The region remains in dire need of supply options like 20333 S. Normandie to meet tenant preference for high quality, well located, infill industrial facilities.”
Completing construction earlier this year, 20333 S. Normandie was designed by HPA Architects to LEED Gold Standard and features 56 dock high doors, 36 foot warehouse clearance, 374 parking stalls, 172 trailer stalls, and approximately 20,000 sf of office space. The property’s strategic location provides immediate access to 110, 405, & 91 freeways and is just a 10 minute drive to the Ports of Long Beach and Los Angeles. Also in close proximity is Los Angeles International Airport less than 10 miles away. The property is set in an amenity-rich environment, just minutes from the recently renovated Del Amo Fashion Center Mall as well as the Old Town Torrance shopping district. Adjacent to the site is the Harbor Gateway Mall and multiple hotels.
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