South Bay Office-to-Industrial Conversion Property Changes Hands
Newmark has arranged the $40 million sale of a 5-acre industrial redevelopment site in the infill South Bay submarket of Los Angeles. Newmark research indicates that office-to-industrial conversions are an accelerating trend, with 2.1 million square feet of office space converted in LA between 2018 and 2021.
“Given the industrial zoning and immediate access to the multiple major freeways, the offering represents an excellent opportunity to redevelop the existing, older office into a Class A industrial product,” said Newmark’s Kevin Shannon who headed up the team representing the seller, Harbor Gateway, LLC.
The property, located at 19401 S. Vermont Ave., is comprised of 12 office buildings, totaling 94,000 square feet. It is situated near two of the busiest seaports in North America and just 8 miles from LAX, with immediate access to the 105, 110, 710, 405 and 91 Freeways.
- ◦Sale/Acquisition
