The building is located at 14504 Carmenita Rd. It has five local small-business tenants who rent on a month-to-month basis. They lease space ranging from about 14,000 sf to 28,000 sf. The industrial site is currently 100% leased.
The investment play on this deal is to renovate the site, including putting in a new roof, to increase rents that are now below market level. The capitalization rate on the deal was about 8%, but with the rehab deal it could increase to 9%. The ground-level building is mostly warehousing space with minimal office.
The seller, Austin Family, LLC was represented by Jeff Bethel of Lee & Associates. The buyers were represented by Mike DiPeppino of Voit Commercial Brokerage.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
