Pico Rivera Industrial Asset is One of the Highest PSF Sales

A 173,134 square-foot class-A industrial property in the Los Angeles County submarket of Pico Rivera, CA, recently sold for $63 million. The asset was purchased by Chicago-based industrial real estate investment company CenterPoint Properties from the occupant in an off-market sale-leaseback transaction, according to Jordan Lara, an executive vice principal at DAUM Commercial Real Estate Services.

Lara completed the transaction alongside DAUM executive vice president Rudy Lara and vice president Nick Peukpiboon.

“This property is a true core investment, providing the buyer the incredibly rare opportunity to add a high-quality industrial property with long-term stabilization in an infill Los Angeles County location to its portfolio,” says Lara. “We were able to effectively demonstrate the current and future value of the property and its location within an emerging submarket, ultimately closing what is one of the highest per-square-foot industrial sales for a building of this quality and size in the county to date.”