Santa Fe Springs Industrial Goes for Peak Pricing
KW Commercial regional managing director Jason DuFault arranged the $10.515-million sale of a vacant 31,373-square-foot industrial property in Santa Fe Springs. Situated on 2.45 acres at 14930 Marquardt Ave., the heavy manufacturing facility was built in 1969 and features a large truck parking area and approximately one acre of excess land.
DuFault and his team represented the seller and former occupier, Equipment Manufacturing Company, which vacated the asset last month. The buyer, Fortress Investment Group LLC, was represented by Phillip DeRousse of Lee & Associates. Although definitive plans haven’t been announced for the asset, the new ownership will execute some degree of renovation/repositioning.
“This facility sold for just over $335 per square foot, which is one of the top five highest values for industrial properties sold in the submarket over the past 90 days,” said DuFault. “The investor saw the value in the property’s prime Los Angeles industrial location, abundant excess outdoor storage and parking spaces, office component, ample power, and loading docks.”