Pacific Industrial Pays $42M for Los Angeles Asset
- May 04, 2021
Pacific Industrial has acquired an industrial property in Los Angeles for $42 million, according to documents recorded with Los Angeles County. Assessment records indicate the asset’s buildings span nearly 180,000 square feet, with chemical and ingredient distributor Brenntag Pacific occupying the entire facility.
Located at 4545 Ardine St. in South Gate, Calif., the 11-acre assemblage includes a 115,932-square-foot building with a number of smaller structures across the site. The property was built between 1931 and 1956, and is connected to rail service operated by BNSF and Union Pacific.
Voit Real Estate Services Vice President Sean McDonald, along with Senior Vice Presidents David Fults and Brian McLoughlin, represented both the buyer and the seller, a private investor.
As the industrial real estate sector continues to soar, Los Angeles finds itself outpacing the nation. With shipping volume at the ports of Los Angeles and Long Beach consistently breaking records, demand has escalated, alongside tightening vacancies throughout the market. Investors have followed suit, chasing rents that have grown 6.9 percent year-over-year through March, according to CommercialEdge’s April industrial report.