• Unpriced

    Asking Price

  • Industrial

    Property Type

  • 89%

    Occupancy

  • Multi

    Tenancy

  • 2

    Buildings

  • 70,546

    Square Feet

Unpriced

Asking Price

Industrial

Property Type

89%

Occupancy

Multi

Tenancy

2

Buildings

70,546

Square Feet

Offering Summary

Address

  • 245-261 E 157th St
    Gardena, CA 90248

Pricing

  • Asking PriceUnpriced

Details

  • Property TypeIndustrial
  • Property StatusOffers Due
  • Call for Offers04/29/2021
  • Square Feet70,546
  • Year Built1962
  • Building ClassB
  • Building(s)2
  • Stories1
  • Acres2.86
  • ZoningM1
  • APN6129-019-038
  • TenancyMulti
  • Tenant(s)7
  • Occupancy89%

Address

  • 245-261 E 157th St
    Gardena, CA 90248

Pricing

  • Asking PriceUnpriced

Details

  • Property TypeIndustrial
  • Property StatusOffers Due
  • Call for Offers04/29/2021
  • Square Feet70,546
  • Year Built1962
  • Building ClassB
  • Building(s)2
  • Stories1
  • Acres2.86
  • ZoningM1
  • APN6129-019-038
  • TenancyMulti
  • Tenant(s)7
  • Occupancy89%
Read Less...

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.

Read More...

Description

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.

Deal Team

Portrait of Sean Fulp

Sean Fulp

Executive Managing Director

CA RE Lic. #01389064

Portrait of Mark Schuessler

Mark Schuessler

Managing Director

CA RE Lic. #02033871

Portrait of Ryan Plummer

Ryan Plummer

Managing Director

CA RE Lic. #01765854

Portrait of Ryan Tetrault

Ryan Tetrault

Associate

CA RE Lic. #01996711