A La Habra e-commerce facility has traded for nearly $43 million, in another sign of strength for the local industrial sector.
Torrance, Ca.-based West Harbor Capital sold the last-mile distribution property situated on 11 acres near the intersection of Harbor Blvd. and Lambert Rd., just months after wrapping development of the site.
The property, at 555 S Harbor Blvd., is fully leased to FedEx, which uses the site as a transloading and office facility.
It sold to Link Logistics Real Estate, a unit of Blackstone, for $42.8 million.
Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Bryce Aberg at Cushman & Wakefield’s National Industrial Advisory Group represented the seller, which bought the property last year for an undisclosed price.
Rick Ellison and Randy Ellison at Cushman & Wakefield and Chris Migliori and Paul Gingrich of Daum Commercial provided market advisory services in the deal.
The sale “reflected a new ‘alternative industrial investment’ of a state-of-the-art trans load facility” that services North Orange County, parts of Los Angeles County and the San Gabriel Valley,” Vice Chairman Cole said in a statement.
“This is truly an irreplaceable asset given the scarcity of infill locations with the zoning allowing for this specialized use, while also situated in one of the most sought-after industrial markets in the nation.”
FedEx has a five-year lease at the site and is expected to renew after that.
The property includes 34,320 square feet of transloading package terminals, 78 loading positions, 246 van stalls, 51 trailer stalls and 928 square feet of office space. It also includes 2.6 acres for future expansion potential.
Industrial Trends
Industrial properties—specifically for logistics or e-commerce facilities—have led local commercial property deals throughout the pandemic.
The e-commerce industry has grown over 30% since 2017 “and is projected to further expand at a similar rate in the next four years,” according to Chiate.
Amazon is leading much of that charge locally, as the e-commerce giant benefits from booming online shopping and instant delivery demand.
The company has acquired two Orange County properties since October, in deals totaling more than $175 million.
It first bought the OC Register’s former printing press facilities in Santa Ana for $63.2 million, and more recently shelled out $112.5 million for a 31-acre site in Irvine formerly belonging to Parker-Hannifin.
Amazon is planning new ground-up distribution facilities on both sites.
Cushman & Wakefield also brokered the larger of the two Amazon deals.
