Westcore bullish on Central Los Angeles industrial market
LOS ANGELES (November 30, 2015) – Westcore Properties increased its industrial property holdings to nearly one million square feet in Central Los Angeles with its recent purchase of 8401 Slauson Avenue and 7820-22 Industry Avenue in Pico Rivera, California. Westcore purchased the property from Samuel Rosen & Sons for $6 million.
The 60,737-square-foot Slauson building stood vacant over the last two years, offering Westcore the opportunity to renovate and reposition the building and reinvigorate the property. Work will begin immediately.
The 36,090-square-foot Industry Avenue building is leased in its entirety to LA Consolidation Cold Storage & Distribution through 2021.
“We saw potential in properties that will require some work and creativity, and by acquiring a property with one building that stood vacant for two years, we have a great opportunity to improve the asset’s appeal and functionality in this market,” said Hack Adams, Senior Vice President at Westcore Properties. “Pico Rivera, as well as Commerce and other surrounding submarkets, are extremely appealing due to the low vacancy, the supply constraints and high demand from industrial users.”
Peter Bacci from Lee & Associates Commercial Real Estate Services represented both parties in the transaction.
“The Central Los Angeles industrial markets continue to tighten up,” said Bacci. “According to our firm’s third quarter 2015 industrial report, vacancy in this region declined to 1.44 percent from 1.63 percent the previous quarter, with an average monthly rental rate now at $0.59 per square foot, triple net.”