Burr & Temkin Represents Private Investment Group in Record-Breaking Sale
Los Angeles, CA: As the exclusive representative for the seller, we are pleased to announce the sale of 600 East Live Oak, Irwindale, CA for a record setting price of $36.5M with an imputed CAP rate sub 4%. The selling team of Jim Kemmerer, Gabe Temkin, Mark Gibbs, and Andrew Gibbs combined to provide our client this superlative result. Jim has personally worked with two generations of this family over the past three decades.
The 108,450+ square foot regional distribution facility on over 22 acres was acquired by an institutional investor focused on transportation real estate. Burr & Temkin exposed the property to thousands of potential investors nationwide. By implementing a strategy which included a series of offering rounds, Burr & Temkin attracted in excess of 20 written offers. Those offers were subsequently rendered down to a select group of 8 highly qualified finalists who competitively bid the price of this asset to the record setting “per door” amount. We are proud to have produced such an outstanding result for our client.
The facility includes 123 loading doors, 64,000 sf of dock-high warehouse, 30,000 sf of office, a retail card lock fueling system and several smaller ancillary support buildings. With immediate access to I-605, the facility’s central San Gabriel Valley location allows it to serve the population clusters of the LA basin, the Ports of LA/Long Beach, and the Inland Empire. The property was anchored by Neovia Logistics, a global 3PL provider, and accompanied by several smaller co-tenants at the time of the sale. Neovia exclusively services a major retailer from this mission-critical facility, distributing inventory to over 48 of the client’s national distribution centers.