COMPTON, Cal., June 30, 2014 – Cushman & Wakefield has orchestrated the sale of 250 Apra Street, a 149,654-square-foot distribution center in Compton. The commercial real estate services firm’s Los Angeles South-based team of Rooney Daschbach, Steve Bohannon and Rusty Smith represented the seller Prudential Real Estate Investors in the transaction. The buyer was represented by NAI Capital’s Noack team, including Warren, Kimberly and Travis.
“The property had been on the market for lease for seven months, during which time it attracted reasonable interest,” said Daschbach. “This was an unsolicited offer to purchase, and from a pricing standpoint, the ownership felt it was a good value. The buyer is a family owned business that has grown over the years and continues to expand, necessitating this acquisition.”
“The company had moved in as a tenant, occupying the building during escrow while we were working on a lot line adjustment that was required under the terms of the then-pending sale,” said Daschbach.
Constructed in 1979, 250 Apra Street underwent an upgrade in 2000 and was sold in move-in condition. That upgrade included new dock doors, new offices, and a new, modernized façade,” according to Daschbach.
Situated on six acres within Dominguez Hills Industrial Park, the single-story building is located just off Route 91 at the intersection of Apra and Victoria streets, between Los Angeles and Long Beach. Among its features is a 2,800-square-foot, built-out office component. The property will be used for U.S. distribution.
“This sale supports the higher sale values of properties throughout this market,” said Bohannon. “Sale values have gone up substantially in the last couple of years and continue to strengthen.”
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In the U.S. alone in 2013, this group completed nearly 6,700 industrial real estate transactions (excluding Capital Markets transactions) totaling 238.74 million square feet. The aggregate value of these transactions was greater than $7.34 billion.