Los Angeles Industrial Asset Commands $104M
- Sep 06, 2019
PS Business Parks Inc. has acquired Hathaway Industrial Park, a 543,000-square-foot, Class B warehouse complex in Santa Fe Springs, Calif. Westcore Properties sold the asset for $104 million, shortly after disposing of a 6.3 million-square-foot industrial portfolio across nine markets.
Hathaway Industrial Park is subject to a $62 million bridge loan held by Wells Fargo Bank, according to Yardi Matrix data. Financed with cash and a draw from PS Business Parks’ credit fund, the acquisition adds to PS Business Parks’ existing industrial portfolio in Los Angeles which now totals more than 2.2 million square feet.
Sitting on 27 acres at 10513-11975 Hathaway Drive and 11811-11831 E. Florence Ave., Hathaway Industrial Park is a last-mile location in the Los Angeles Mid-Counties submarket. The multi-tenant property provides easy access to interstates 5, 105 and 605 as well as State Road 91. Los Angeles International Airport is roughly 22 miles west.
The park consists of 10 buildings completed in phases between 1966 and 1989, with suites ranging in size from 5,000 to 288,000 square feet. All buildings feature a minimum 24-foot clear height and dock-high loading doors. Currently, the property is fully occupied.