Week of November 9, 2020
Transactions are down. Working on more, smaller deals to make up the difference. There is a greater appreciation for competency and referrals due to reputation. Finding greater cooperation in the market and less posturing.
Industrial real estate is the best of all product types. Still, there is more available in the lease market. Sale buildings are hard to find. Pricing has softened in the sense they are not going up 10% a year. More a plateau. Expectations are down but nothing is standing in the way of the institutional appetite. Private buyers are better served with situational deals or making a mark in the “sub-institutional” category.
Leased for container and truck parking over the Holiday Season for close to asking rent. Brisk container traffic from China still puts pressure on the ports and overflow goes to private yards. Surface rents are generally strong and growing.
1157 W. Gardena Blvd, Gardena, CA – $385,000
Sold this small building. Once a dental office across from my office. An old house from 1906 where one of the founders of Gardena lived. Expect buildings like this to sell quickly for all cash.
Moreton is a great, small building. Located in the best part of Torrance. A lot of additional space not included in the square footage. Available in January. Will go fast. For Lease.
One of the last bow truss industrial buildings constructed before glulam beams became the standard. The previous tenant who collected used office partitions lost his business during the Covid Recession and the building does not currently look its best. Dock-Hi with one drive-in door. Secure yard. We’ll make a deal on this one.
Terrific manufacturing building with 3000 AMPS and large yard. Ground level building with dock well. Vehicle storage is also a good use. Refurbished in 2020. For lease and possible sale down the line. Immediately available.
Rare industrial lot for sale. Central Los Angeles location at 105/110 interchange. Flag lot makes it secluded. Phase I, Topo, and Survey available. We’ll make a deal on this one too.