Los Angeles, CA (March 21, 2022) — Newmark announces it has arranged the $24 million sale of Long Beach Business Park, a 123,532-square-foot multi-tenant industrial business park located at West Anaheim Street in the infill South Bay Los Angeles submarket of Long Beach, California, which continues to be one of the most supply constrained industrial markets in the U.S. Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Bret Hardy, Senior Managing Director Scott Schumacher and Executive Managing Director Ken White represented the seller, RPG 14 LLC. The buyer was Rexford Industrial.
“The location is coveted for its proximity to the largest port system in the United States which had its busiest year on record in 2021 and many of the tenants within this park are port related,” said Shannon.
The project is situated adjacent to the Ports of Long Beach and Los Angeles which comprise the largest port complex in the nation, is minutes from the bustling central business district of Downtown Long Beach and is less than 2,000 feet from the Long Beach (710) Freeway.
Hardy added, “Significant upside also exists with a potential condo map overlay for a future user sale exist strategy or a new ground-up industrial development given the relatively short terms of the existing small tenant leases”.
According to Newmark Research, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 million square feet, bringing the 2021 absorption total to 13.7 million square feet, the fourth-highest year on record.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies.
Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
