Santa Fe Springs Industrial Deal Inked as L.A. Market Flexes Muscles
- Oct 21, 2015
Local entity DP Milroy recently completed the acquisition of an L.A.-area industrial property for a total of $12.5 million. The company, dba Dedeaux Properties, is the new owner of the Milroy Industrial Park in Santa Fe Springs after picking up the property from seller Adaya Asset Milroy. The seller was represented by CBRE representatives Tom Dorman and Steve Young, while the other end of the deal was arranged by Mark Hoekstra, Rocco Cortese and Glenn Gilmore of The Heritage Group.
Located at 13721-13767 Milroy Place and 13720 Rosecrans Ave., the industrial campus’ eight buildings offer a total of 121,328 square feet of space. The buildings range in size between about 10,000 square feet and 24,000 square feet of space. According to the statement announcing the acquisition, the new owner is creating a commercial association that will allow it to bring improvements and eventually unify the buildings through similar colorways, landscaping and design.
The asset’s current tenant roster features names such as Seaweed Factory, Durachem Group, PRO-TECH Design & Manufacturing, and Resin Art Glasses & Signs. The property clearly caters to manufacturing companies.
Los Angeles County is currently operating at the top of its game in terms of its industrial market. Vacancy is now at just 2.5 percent, Colliers International data shows, 10 basis points lower than it was during the previous quarter. That stat is especially impressive given the fact that positive net absorption during Q3 stood at more than six million square feet. In spite of a large amount of new supply coming online in the county, L.A. is performing at a rate that continue to exceed expectations.
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