IRVINE, CA – Cushman & Wakefield announced today that 14001-14051 Rosecrans Ave. in La Mirada has sold in an industrial capital markets transaction handled by the firm’s National Industrial Advisory Group (IAG).
Clarion Partners LLC acquired the 337,125-square-foot (sf) Class A infill project for $76.8 million or $228 per sf on behalf of a separate account client. The transaction ranks among Los Angeles County’s Top 5 largest industrial investment sales of 2019, according to Cushman & Wakefield research.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, and Brad Brandenburg from Cushman & Wakefield’s Irvine office represented Bailard, Inc. in the transaction, with Rick Ellison and Mike Foley from the firm serving as market advisors. Bailard, Inc. is a 50-year-old wealth management/investment advisor based in San Francisco with $3.8BN of AUM.
“The offering represented a rare and sizable institutional-quality industrial project located in an infill location with significant barriers to entry,” said Jeff Chiate, Executive Managing Director and head of the West Region for Cushman & Wakefield’s IAG. “With vacancy at only 2.6% as of Q3 2019, the Mid-Counties industrial submarket is one of the strongest in the nation. This was an opportunity to acquire an asset with stable in-place cash flow and extraordinary upside potential, with average in-place rents well below current market rents.”
14001-14051 Rosecrans Ave. is a two-building project that spans 14.35 acres and features a 30’ clear height, an ESFR fire sprinkler system, large truck courts, and major street frontage along Rosecrans Ave. The property offers immediate access to the I-5 Freeway and approximately 20 miles from the Port of Los Angeles, the Port of Long Beach, and Los Angeles International Airport. The buildings are 100% leased to three quality tenants.
About Clarion Partners
Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $51 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 350+ domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter