A 117,000-square-foot industrial building located near Glendale at 2800 Casitas Ave. sold in an off-market deal for $43 million.
Rexford Industrial Realty acquired the property from Pan Am Equities.
Executive Vice President of Colliers David Harding closed the deal with his industrial team Executive Vice President Greg Geraci, Executive Vice President Matt Dierckman and Senior Vice President Billy Walk.
The transaction speaks to a more significant trend of industrial being the asset class of choice of investors as demand by entertainment and creative tenants remain strong.
Initially purchased by Pan Am Equities in 2016 for $22 million with the intention of tearing down the concrete tilt-up structure to build high-rise multi-family residential, the seller had yet to receive the necessary entitlements.
Meanwhile, rising values for industrial land and buildings created an opportunity for Pan Am to sell the property, eliminating continued redevelopment risk. The deal provided Rexford a highly functional building with 24-foot clearance and dock-high loading within a coveted infill market at the intersection of the 5 and 2 freeways.