Industrial Property Trust Nabs 104 KSF Asset
- Jul 19, 2017
Industrial Property Trust Inc. acquired a 104,339-square-foot industrial building in the Rancho Dominguez submarket of Los Angeles County. The national REIT purchased the property for $12 million from Benetti’s Italia and has commenced a $2.5 million capital improvement plan. Daum Commercial Real Estate Services negotiated the transaction on behalf of IPT.
Located on 4.5 acres at 18554 S. Susana Road, the asset features dock-high loading, a large truck court, warehouse clearance up to 26 feet, a large fenced yard, a calculated sprinkler system throughout and highly visible freeway frontage along Interstate 710. The facility is eight miles from the Ports of Los Angeles and Long Beach, and around 18 miles from Los Angeles International Airport and downtown Los Angeles.
The property was built in two phases in 1956 and 1988, according to Yardi Matrix. IPT intends to add value through a series of renovations that will improve the asset’s functionality. The company’s upgrade plan includes adding extra dock high loading, a new roof, new exterior and interior paint, yard upgrades to accommodate more truck traffic, as well as interior improvements.
“The property is situated in a submarket that currently boasts sub-two percent industrial vacancy rates,” said Michael Collins, vice chairman of Daum Commercial, in prepared remarks.
Collins and Jordan Lara will serve as exclusive leasing agents for the property. Daum Commercial also facilitated a $4.5 million industrial lease in Irvine, Calif. Robert Colacion of Gateway Business Properties represented the seller.
Image courtesy of Daum Commercial