Asking Price
Property Type
Occupancy
Tenancy
Buildings
Square Feet
Newmark is pleased to present the opportunity to acquire the fee-simple interest in 245-261 E 157th Street in Gardena, California. The offering consists of an 89% leased, 70,546-square-foot, multi-tenant, industrial project located in the highly sought-after South Bay market of Los Angeles. The Gardena submarket continues to be extremely tight and boasted a 1.9% vacancy rate as of Q4 2020.
The property consists of two concrete-tilt industrial buildings that total 70,546 square feet and are situated on a 2.86-acre parcel. The buildings are extremely functional and feature 18’ to 22’ clear heights with 15 ground level doors and two dock-high doors. The project features above average parking at a ratio of 2.3/1,000 SF. The largest tenant at the site has a substantial amount of fenced yard space as an additional amenity.
The offering presents an extremely rare, value-add opportunity for an investor to acquire a well-located, infill, industrial deal with huge upside that can be achieved by leasing up the in-place vacancy and rolling tenants to market upon lease expiration. The current in-place rents sit more than 25% below market due to the three largest tenants being significantly under market. None of the tenants have fixed renewal options, and the next owner will be able to reset the rents at fair market value upon lease expiration.
Newmark is pleased to present the opportunity to acquire the fee-simple interest in 245-261 E 157th Street in Gardena, California. The offering consists of an 89% leased, 70,546-square-foot, multi-tenant, industrial project located in the highly sought-after South Bay market of Los Angeles. The Gardena submarket continues to be extremely tight and boasted a 1.9% vacancy rate as of Q4 2020.
The property consists of two concrete-tilt industrial buildings that total 70,546 square feet and are situated on a 2.86-acre parcel. The buildings are extremely functional and feature 18’ to 22’ clear heights with 15 ground level doors and two dock-high doors. The project features above average parking at a ratio of 2.3/1,000 SF. The largest tenant at the site has a substantial amount of fenced yard space as an additional amenity.
The offering presents an extremely rare, value-add opportunity for an investor to acquire a well-located, infill, industrial deal with huge upside that can be achieved by leasing up the in-place vacancy and rolling tenants to market upon lease expiration. The current in-place rents sit more than 25% below market due to the three largest tenants being significantly under market. None of the tenants have fixed renewal options, and the next owner will be able to reset the rents at fair market value upon lease expiration.