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WPC Acquires LA Cold Storage from Brookfield Fund
Newmark arranged the sale of 15015 Valley View Ave., a 302,850-square-foot cold storage warehouse and distribution property in Santa Fe Springs. Executive managing directors Andrew Briner, Jim Linn and Bret Hardy, co-head of U.S. Capital Markets Kevin Shannon, associate director Aaron Banks and senior financial analyst Luke Easton represented the seller, a Brookfield-backed fund. The buyer was net lease REIT W. P. Carey (WPC).
The under-renovation property is fully leased to United Natural Foods, Inc. under a long-term contract, providing WPC with stable rental income from a mission-critical facility.
“We successfully executed our business plan by repositioning this asset into a long-term leased core asset in one of the tightest industrial markets in the country,” said Joonas Partanen, SVP, Head of West Coast Operation for Brookfield Properties.
Briner added, “The buyer recognized the scarcity and intrinsic value of this product type in the Los Angeles market. Furthermore, they were able to acquire this asset at pricing significantly below replacement cost.”
- ◦Sale/Acquisition
