The buyer, Davalan Produce is currently located in several buildings throughout the Downtown area and will use the building to consolidate and expand its current operations.
The Davalan acquisition is an example of how food and produce companies are continuing to buy and lease-up industrial space in Los Angeles, according to Cushman & Wakefield industrial broker Dwight Hotchkiss, a member of the brokerage team representing the seller, a local private partnership in the transaction. This activity is in sharp contrast to the slowdown that has occurred in the industrial real estate market the past 12 months.
In the past eight months, more than 250,000 sf of industrial space has been absorbed by food companies in the central Los Angeles market, according to Cushman & Wakefield.
The Cushman & Wakefield team of Hotchkiss, John McMillan and Jeff Sanita represented the seller in the transaction. Bill Morrison of Heger Realty represented the buyer.
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