An industrial property in Pico Rivera was acquired for $ 56.5 million by Cohen Asset Management Inc., a Century City-based real estate investment firm.
Cohen Asset Management specializes in the industrial and logistics sector. The property is a 100% leased logistics facility located at 7255 Rosemead Blvd.
“We are delighted to add this highly functional Class A property within the coveted Pico Rivera Commerce Center to our portfolio. We believe this property is well positioned to benefit from the continued imbalance between supply and demand – both from investors and occupants – that exists for Class A industrial and logistics properties in prime locations. and dividers in Southern California, ”Maxx Cohen, director of the company’s acquisitions, said in a statement.
Industrial assets are in high demand in Los Angeles, where land to develop a new offering is limited. The proximity of the region’s ports and its large population centers also make industrial real estate increasingly valued.
Additionally, the shift to more e-commerce and the focus on fast delivery means tenants and developers are striving to keep pace with tenant demand.
In the second quarter, 32.4 million square feet of industrial space was sold or leased in the county, up from 24.4 million square feet the year before, according to data from Jones Lang LaSalle Inc.
The average asking rent across the county was $ 1.02 per square foot on a triple net basis, up 9 cents from the previous year, according to JLL.
Industrial vacancy rates, meanwhile, fell to 1.9% from 3.6% the previous year.
The sale of Pico Rivera brings Cohen Asset Management’s cumulative acquisitions total to over 3 million square feet of industrial and logistics properties valued at over $ 400 million.
It has also sold nearly 2 million square feet of properties valued at over $ 300 million.
The company seeks to continue its growth. In addition to LA, it also has offices in Phoenix, Dallas, and New Jersey.
For reprint and license requests for this article, CLICK HERE.