Pacific States Box & Basket Co. Inc. has sold a portfolio of eight Glendale industrial buildings totaling 131,050 square feet for $25.5 million, according to brokerage Lee & Associates-LA North/Ventura.
The properties are located at 1225, 1275, 1295 and 1291 Los Angeles St.; 440 and 444 Cypress St.; and 437 and 449 Fernando Court. The industrial buildings range in size from 3,000 to 59,000 square feet. A wholesale trade printer, packaging company, lumber company and pharmacy are among the tenants at the fully leased buildings.
Hunter Warner and Brett Warner, principals of Lee & Associates-LA North/Ventura, represented the buyer, CPD Los Angeles LLC, in the transaction. Listing agents Mike Maniscalchi and Tony Maniscalchi with Systems Real Estate of Glendale represented seller PSBB.
According to the buying brokers, the property has zoning which allows for commercial, industrial and residential uses.
“With an industrial vacancy rate in Glendale below 1 percent and the uses permitted on this property, there was a tremendous amount of competition for this portfolio,” Hunter Warner said in a statement. “Our buyer was able to prevail thanks in part to our ability to identify the opportunity about a month before it hit the market. That gave us a head start on underwriting the property.”
“Our buyer has expertise in industrial, office and multifamily real estate, and that flexibility also set us apart from the competition, which tended to look at the portfolio either as an industrial or a redevelopment play,” added Brett Warner.