NAI Capital Completes $22M Warehouse Sale in Marina Del Rey, CA
Los Angeles, CA June 12, 2018– Executive Vice President Ian Strano with NAI Capital’s Investment Services Group completed the sale of a 56,300 square foot warehouse building in Marina Del Rey, CA. The off market transaction totaled $ 22,300,000 or $396 per square foot. Ian Strano represented the seller Marina Creative Office, LP. The buyer, Montana Avenue Capital Partners of West Los Angeles, represented themselves.
The property is located at 5005 McConnell Avenue. The building was occupied by Teledyne for 39 years. Teledyne is a government contractor of aerospace and defense electronics and will be relocating to Torrance. The new owner is planning a complete renovation of the project to creative office space. Built in 1969, the industrial building sitting on 1.59 acres is in one of the hottest creative office markets in the Country – Silicon Beach. Marina (90) Freeway is one-quarter mile to the southwest and provides easy access to the San Diego (405) and Santa Monica (10) freeways.
Ian said, “The demand for older warehouse properties like this, continues to grow. This project now is moving on to a higher and better creative office space use.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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