(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
LA MIRADA, CA- GlobeSt.com has learned exclusively that Atlanta-based Invesco Advisors has purchased a 278,000-square-foot industrial building located at 16400 Knott Ave. here for $27.5 million. The seller was Dalton, GA-based La Mirada Realty LLC, an individual family trust.
Clyde Stauff of Colliers International represented both the seller and the buyer in the transaction. He tells GlobeSt.com that the property is 15 years old and was originally a build-to-suit for Queen Carpet, which was eventually bought by Shaw Industries. Shaw had vacated and consolidated operations in its existing Cypress, CA, warehouse.
Stauff adds that Shaw’s lease had expired, and the seller had wanted to monetize the asset and invest the proceeds closer to home. Since the trust had owned the property for some time, there were also capital gains issues for the seller.
Invesco will conduct major upgrades to the property including full ESFR sprinkler conversion, office refurbishment and upgrade, landscaping upgrade, interior and exterior paint and new low-energy warehouse lighting. The building features a 40-ft. clear height, 36 dock-high doors, three grade-level doors and a large truck court.
“The Knott Ave. building sale underscores the demand for larger class-A industrial assets in the mid-counties market,” said Stauff in a prepared statement. “Additionally, the prime La Mirada location includes high-profile neighbors, such as Makita, US Foods, Staples and Amada.”
Stauff and Ross Fippinger are also responsible for leasing of the property. “The mid-counties market has always been very highly sought after, particularly for class-A space between L.A. and Orange County,” Stauff tells GlobeSt.com. “It’s a wonderful place to have a point of distribution.”
As GlobeSt.com previously reported, in September Invesco sold Kimberly Woods, a 208-unit gated multifamily community in the Silicon Valley, for approximately $58 million or greater than $280,000 per unit. The buyer’s identity wasnot disclosed to GlobeSt.com, but the sale did present a value-add acquisition to the buyer given its highly sought-after location and proven renovation upside.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
