NAI Capital Completes $3.65M Investment Sale of a Warehouse Facility in La Verne, CA
Los Angeles, CA, January 8, 2019– Associate Arvin Poblete with NAI Capital’s Diamond Bar office completed the sale of a 18,724 square foot warehouse facility in La Verne, California. Arvin represented the buyer, One Investment, LLC. The seller was Morris Ventures, Inc. The building sold for $3,650,000 or $195 per square foot.
The property is located at 1747 Wright Avenue within La Verne Business Park in the Eastern San Gabriel Industrial submarket. Built in 1990, the single-story warehouse facility features 5,000 square feet of mezzanine office space, dock high and ground level loading, 22’ ceiling height and 400 Amps / 480 Volts of power. The building is situated on a 38,768 square foot lot with 28 parking spaces. The project was 100% leased to VaCom Technologies. VaCom is a subsidiary of Bitzer Worldwide, the world’s largest independent refrigeration compressor manufacturer. The tenant has been in the building for more than 20 years and has four years remaining on the lease. The new owner plans to hold the property as a long term investment.
Arvin said, “This investment presented my client with the opportunity to get into a market with high barriers to entry. The vacancy rate in the San Gabriel Valley for industrial space is 2.1%, below the LA County average of 2.3%. With industrial product in short supply and land limited for new construction this was a solid investment for my client.”
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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