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Intercontinental Real Estate Corporation Acquires 221K-SF Last Mile Delivery Facility in Los Angeles
By: Intercontinental Real Estate Corporation
The 13-acre property at 20730 Prairie Street in Chatsworth is 35 miles northwest of Downtown Los Angeles. Built in 1975, it operated as a beverage packaging plant for the Ball Corporation until 2018. The vacant property was acquired in 2019 by the seller, a Dallas-based real estate investment firm, which redeveloped and leased the 13-acre property to a multi-national e-commerce retailer. The property serves as a last-mile delivery facility serving approximately 12.2 million people who reside within a 50-mile radius.
This is the first industrial asset in Los Angeles County for Intercontinental and adds to the firm's nearly two million square feet of industrial holdings on the West Coast. The Boston-based private equity real estate investment firm's portfolio includes 29 million square feet of commercial and industrial space, and more than 12,000 multifamily units across the United States.
"Only a small percentage of the industrial inventory in the San Fernando Valley are buildings over 100,000 square feet and the majority of those are older product," said Intercontinental Senior Director, Acquisitions Jessica Levin, who heads the firm's Los Angeles-based West Coast office. "The size of the asset, combined with the quality of tenancy, seller's recent improvements and the building's centralized location in the most populated region of Los Angeles makes this an irreplaceable last-mile delivery facility in Los Angeles. It is a tremendous addition to our industrial portfolio," said Levin.
According to CBRE, which marketed the property for sale on behalf of the seller, the lack of industrial land in the region creates significant constraints on future product supply. New construction will only take place with the demolition of functionally obsolete facilities that make up the majority of the inventory.
CBRE's West Coast Institutional Properties team was led Darla Longo and Barbara Perrier.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation (http://www.intercontinental.net) is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $14 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $10 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.
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