Newmark Facilitates $16M Los Angeles Industrial Park Sale
- Dec 15, 2020
Newmark has brokered the $15.9 million sale of Paramount Business Park, a two-building industrial property spanning 63,214 square feet in Paramount, Calif. Managing Director Ryan Plummer, Executive Managing Director Sean Fulp, Director Mark Schuessler and Co-Head of U.S. Capital Markets Kevin Shannon assisted the seller, a joint venture between Marcus Adams Properties and Excelsior Partners. SAFCO Capital Corp. purchased the property.
Located on 6 acres at 6319-6421 E. Alondra Blvd., the two concrete tilt-up warehouses were completed in 1984 and 1985. The facilities have grade-level and dock-high loading doors, 22-foot clear heights and functional mezzanine space. The property is close to Interstate 710, 16 miles east of Los Angeles International Airport and 15 miles south of downtown L.A.
The General Services Administration and VNSM fully occupy the two warehouses. The deal also included two radio tower pads that are leased long-term to Hi-Favor Broadcasting LLC, a company that broadcasts for AM radio station KLTX.
In November, Newmark’s Plummer and Fulp were part of the team that represented Cohen Asset Management in its $37.3 million acquisition of a 112,075-square-foot Los Angeles industrial property. A partnership between M. Payne Investments and Panattoni Development Co. sold the asset.