An industrial portfolio in Gardena has been purchased for $55 million by a joint venture of Seal Beach-based repositioning firm Harbor Associates LLC and Austin-based investment firm Evergen Equity.
The portfolio located at 690-760 W 190th St., which spans 126,000 square feet total, consists of four adjacent properties ranging in size from 17,000 square feet up to 45,000 square feet.
“The opportunity to acquire 7.5 acres of prime industrial land in this very tight and important industrial submarket is rare,” Rich McEvoy, a principal at Harbor, said in a statement.
“We are contemplating several possible options for the property including a Class A industrial outdoor storage facility for trucking and container uses.”
The Gardena and Harbor Freeway submarket boasts an industrial vacancy rate of 1.7%, according to data from Colliers. It is situated immediately next to the I-405/I-110 interchange, two of Southern California’s major truck routes, providing easy access to the ports of Los Angeles, Downtown, Pasadena, Long Beach and Orange County.
“This submarket is incredibly dense and is one of the few in the area that allows for trucking and shipping container uses,” added Harbor Principal Paul Miszkowicz. “This has supercharged the demand as (third party logistics) companies compete for a diminished supply of truck yards.”
The 190th Street asset represents Harbor’s third industrial acquisition of this year totaling more than $120 million, adding to its 640,000-square-foot industrial portfolio spanning Southern California’s coast.
“We are explicitly focused on partnering with best-in-class operators on the ownership of generational real estate, which made this an easy opportunity to lean into,” Troy Marcus, founder and chief executive of Evergen Equity, said in a statement.
CBRE Group Inc. Senior Vice President Eric Cox, Vice Chair Barabara Perrier, and Vice Chair and Managing Director Darla Longo advised the seller – an undisclosed local investor – on the transaction.
