Harbor Associates, LLC in joint venture with Evergen Equity acquired a 126,015-square-foot industrial real estate portfolio in the Los Angeles submarket of Gardena from a local investor in an off-market transaction for $55 million.
The portfolio consists of four adjacent properties ranging in size from 17,000 square feet – 45,000 square feet at 690-760 W. 190th Str. The 7.5-acre site is located within the 34 million-square-foot Gardena/Harbor industrial submarket, with a vacancy rate of less than 1%.
“The opportunity to acquire 7.5 acres of prime industrial land in this very tight and important industrial submarket is rare,” said Rich McEvoy, principal for Harbor. “We are contemplating several possible options for the property including a Class A industrial outdoor storage facility for trucking and container uses.”
Added Harbor principal Paul Mizkowicz, “This submarket is incredibly dense and is one of the few in the area that allows for trucking and shipping container uses. This has ‘super-charged’ the demand as 3PL and logistics companies compete for a diminished supply of truck yards.”