Vernon Business Park sells for $ 25 million
Iris Basic USA purchased the 268,049 square foot site from Marquee Brands.
Peter Bacci and Jack Cline of Lee & Associates represented the buyer and seller in the transaction.
The property, located at 2701-2711 and 2761 Fruitland Ave., was vacant at the time of the sale, according to CoStar Group Inc. It was once home to high-end women’s retailer BCBG Max Azria Group.
The company defaulted on $ 34.6 million in loans at three warehouses in Vernon in 2017, according to The Real Deal. This included Fruitland Business Park.
The industry has performed well during the Covid-19 pandemic as more people turn to online shopping, expecting quick delivery times.
According to data from Jones Lang LaSalle Inc., asking rents for downtown Los Angeles industrial properties during the fourth quarter averaged $ 1.02 per square foot on a triple net basis, up 15 cents in a year
There have been several large transactions in the Vernon market over the past year.
Last summer, China-based e-commerce company US Elogistics Service Corp. signed a 232,000 square foot industrial lease in the city, one of the county’s largest industrial leases last year.
Also last year, Santa Monica-based Dedeaux Properties and Ledo Capital Group sold the Vernon Avenue logistics center for nearly $ 15 million. The recently completed center is a 46,422 square foot cold storage facility in Vernon.
Rexford Industrial Realty Inc. purchased an industrial portfolio of six buildings in Vernon for $ 93.8 million. It spans nearly 21 acres and the buildings total approximately 464,000 square feet.
Additionally, real estate giant Brookfield Properties has purchased a portfolio of three properties, including two buildings in Vernon, for a combined $ 87 million.
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