Cushman & Wakefield Represents Prologis in Disposition of Harris Business Center
LOS ANGELES, CA, JANUARY 15, 2020 – Cushman & Wakefield announced today the sale of Harris Business Center, an 89,148-square-foot (sf) industrial warehouse in Commerce, California.
A private buyer acquired the property from Prologis. Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey, Nico Napolitano, and Tom Sheets from Cushman & Wakefield represented the seller in the transaction.
Harris Business Center is a multi-tenant business park located on Eastern Avenue and Bandini Boulevard in Central Los Angeles. It consists of five buildings: 4820 S. Eastern Ave., 4830-4854 S. Eastern Ave., 5733-5745 S. Eastern Ave., 5733-5745 Rickbacker Rd., 5747-5751 Rickbacker Rd., and 5759-5771 Rickbacker Rd. The buildings feature 11’ to 17’ clear height, five grade-level loading doors, 800-1,000-amp power, and a 5/1,000 parking ratio.
“Harris Business Center is one of the few multi-tenant business parks in the market. This offering presented the opportunity to acquire a well-leased core investment in a central Southern California location with future redevelopment potential,” said Jeffrey Cole, Vice Chairman.
The properties have a diverse tenant mix including logistics operations, staffing agencies, financial and business services, apparel, city and county departments, and nine restaurant options. The center was 89% leased at the time of sale.
According to Cushman & Wakefield research, market fundamentals remain exceedingly strong in both the Greater Los Angeles overall market and the Commerce submarket with vacancy rates of 1.9% and 2.1% respectively, as of third quarter 2019.
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