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Long Beach Business Park Sells for $24M

A large industrial park in Long Beach is being sold for $24 million, according to Newmark and its announcement of arranging the deal. 

Long Beach Business Park is a 123,532 square foot, multi-tenant industrial business park along West Anaheim Street in Long Beach – which, alongside the Inland Empire remains a tight and heated market.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Bret Hardy, Senior Managing Director Scott Schumacher and Executive Managing Director Ken White represented the seller, RPG 14 LLC. The buyer was Rexford Industrial.   

The project is situated adjacent to the Ports of Long Beach and Los Angeles which comprise the largest port complex in the nation, is minutes from the bustling central business district of Downtown Long Beach and is less than 2,000 feet from the Long Beach (710) Freeway.   

According to Newmark Research’s excellent data, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 million square feet, bringing the 2021 absorption total to 13.7 million square feet, the fourth-highest year on record. 

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