IRVINE, CA, JANUARY 14, 2020 – Cushman & Wakefield announced today that the firm has brokered the investment sale of 12910 Mulberry Dr., a 153,080-square-foot (sf) infill industrial building in Whittier, California.
Realterm, a vertically integrated owner and manager of high flow-through logistics facilities serving the transportation industry, acquired the property from Nuveen Real Estate and Greenlaw Partners.
Jeffrey Cole, Jeff Chiate, Mike Adey, and Ed Hernandez from Cushman & Wakefield represented the seller in an exclusive offering from the firm’s National Industrial Advisory Group.
“This offering represented an in-fill industrial investment opportunity in the Mid-Counties market of Los Angeles County, one of the most sought-after infill industrial markets in the nation,” said Jeffrey Cole, Vice Chairman. “Recently upgraded and fully leased to a high-tech eCommerce tenant, this was a rare and sizable institutional-quality industrial asset with significant barriers to entry and limited new development opportunities.”
Built in 1961 and recently renovated in 2019, the property features 16’ clear height, 175-200’ truck courts, 17 dock-high loading doors, 3,200-amp power, rail access, new landscaping, and 7,712 sf of newly designed office space on a 7.9-acre site. It is 100% leased to Shift Technologies, an online marketplace for used automotive transactions, and serves as the company’s Southern California regional operations center. Significant improvements were made to the building for the tenant’s automotive warehousing and online operations in 2019.
12910 Mulberry Dr. is located at a strategic industrial tenant location just east of the confluence of the I-5 and I-605 Freeways and 15 miles from the Ports of Los Angeles & Long Beach and Los Angeles International Airport. The site is directly adjacent to the Santa Fe Springs industrial submarket.
With a vacancy rate of only 2.6% as of third quarter 2019, the Mid-Counties industrial submarket is one of the strongest in the nation and directly benefits from increasing economic activity in Southern California and at the Ports, according to Cushman & Wakefield research.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Annie J. Canada
Cushman & Wakefield
+1 213 330 0911