For $35.1 million, a Los Angeles-based industrial Corporation purchased a 10.8-acre land on its home turf. In the city of Gardena, California, Overton Moore Properties purchased a property with six industrial buildings and 261,950 square feet of area. The seller, SGL Global, was represented by Cushman & Wakefield, which also announced the deal. Avcorp, an aerospace and defense Corporation that collaborates with companies like Boeing and Lockheed Martin, has fully leased the property at 1600 West 135th Street in Gardena.
Overton Moore, on the other hand, intends to lease the property and may seek entitlements for two new industrial buildings totaling 242,000 square feet to replace the existing structures. The manufacturing sector notoriously rose through the epidemic as the e-commerce sector’s impetus was amplified. A 27-acre tech campus in South Bay was recently purchased for $182 million by Rexford Industrial Realty, while a 135,000-square-foot South Bay industrial property was recently purchased for $34.5 million by a partnership of Staley Point Capital and Bain Capital.
The team forecasted a full scraping and reconstruction of the site to modern industrial from the start of the marketing process. However, [Overton Moore] noticed a rising tendency toward manufacturing as well as an infusion of research and development tech tenants who may be able to leverage the existing high bay and bow truss modifications during the process. We’re enthusiastic about the chance to pursue a few innovative users before shifting our leasing focus to more traditional industrial users, and the in-place lease gives us some leeway in our search for a unicorn tenant.