Lee & Associates Brokers $26M Industrial Portfolio Sale
An entity affiliated with KOAR Institutional Advisors acquired the eight properties in Glendale, Calif.
Aerial view of the Glendale portfolio. Image courtesy of Lee Associates
Pacific States Box & Basket Co. has sold an eight-property industrial portfolio totaling 131,050 square feet in Glendale, Calif., for $25.5 million. Lee & Associates-LA North/Ventura Principals Hunter Warner and Brett Warner represented the buyer. CPD Los Angeles LLC, an entity affiliated with KOAR Institutional Advisors, is the new owner.
Situated at 1225, 1275, 1295 and 1291 Los Angeles St., 440, 444 Cypress St., and 437, 449 Fernando Court, the buildings range between 3,000 and 59,000 square feet and were fully leased at the time of sale. The tenant mix includes businesses such as wholesale trade printer 4OVER, a packaging firm, a lumber company and a pharmacy.
According to Warner, the portfolio raised a great amount of competition as the industrial vacancy rate in Glendale is below 1 percent. Additionally, the portfolio includes roughly 70,000 square feet of the total zoned IMU-R allowed for commercial, industrial and residential uses.
Recently, the brokerage company arranged a 60,043-square-foot industrial lease in the Chatsworth submarket of Los Angeles. Managing Director Scott Caswell and Associate Erica Balin represented the tenant.
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