LBA Realty Sells LA Asset for $60M
Ardmore Home Design has acquired a 282,377-square-foot industrial asset in the City of Industry, Calif., for $59.9 million. LBA Realty previously owned the property, according to CommercialEdge data. JLL and HRS Commercial represented the seller and the buyer, respectively.
LBA had purchased the asset for $31.7 million in 2016, the same source shows. The new owner, a luxury wholesale furniture manufacturer, has been fully leasing the facility since 2020.
The building debuted in 1981 and underwent an overhaul in 2019 which included renovations to the roof, interior and exterior paintjobs, as well as the full refurbishment of interiors. The property features clear heights ranging between 24 and 30 feet, 34 dock-high loading doors, two ground-level loading doors and 28 trailer stalls.
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The facility also encompasses roughly 15,000 square feet of office space and about 10,000 square feet of mezzanine storage, as well as a shipping and receiving office measuring some 4,000 square feet.
Located on some 13 acres at 918 S. Stimson Ave., the property is about 20 miles east of downtown Los Angeles and roughly 33 miles northeast of The Port of Long Beach, Calif., whose handled annual trade is valued at $200 billion.
The JLL team representing LBA Realty included Senior Managing Director Patrick Nally and Director Makenna Peter, as well as Senior Managing Director Mark Detmer and Senior Director Evan Moran. HRS Commercial Vice Presidents Rick Sherburne and Kyle Sherburne spearheaded the negotiations on behalf of Ardmore Home Design.
Ardmore’s expansion in the City of Industry
In 2016, Ardmore inked a full-building industrial lease at a 128,810-square-foot facility also in the City of Industry. At the time, the firm was consolidating and relocating its operations from three different warehouses.
After four years, the company relocated once again, more than doubling its footprint in the process. Upon settling at the Stimson property, Chris DeWitt, co-founder & CEO of Ardmore subsidiary Made Goods, said in prepared remarks that the new space allows the firm to respond to its clients quicker.
Los Angeles industrial investment solid across Western markets
During the first three quarters, industrial assets across nearly all Western markets traded for more than the national average of $130 per square foot, according to a CommercialEdge report. Central Valley was the exception, with industrial properties going for $129 per square foot year-to-date through September.
Los Angeles properties sold for $297 per square foot—more than double the national average—during the first nine months of the year, the same source shows. Still, the City of Angels fell short compared to the Bay Area ($476 per square foot) and Orange County ($319 per square foot).
The metro’s total industrial investment volume clocked in at $2.2 billion year-to-date as of September, CommercialEdge shows. Los Angeles surpassed Phoenix ($1.9 billion) and the Inland Empire ($1.5 billion) but was overshadowed by the Bay Area ($2.7 billion).
In August, a joint venture between Staley Point Capital and Bain Capital Real Estate paid a combined $42.6 million for the acquisition of a 162,000-square-foot asset in Fullerton, Calif., and a 70,000-square-foot facility in Chatsworth, Calif.
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