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FOR SALEApproximate 15,845 SF Industrial Warehouse
N
SUBJECTPROPERTY
S. G
RA
ND
AV
EN
UE
S. H
ILL STR
EET
METTRO EXPO LINE
PROPERTY OVERVIEW
S. GRAND AVENUE
W. 3
8TH
STR
EET
Address 3812 S. Grand Ave. Los Angeles, CA 90037
APN 5122-027-026
Building Size: 15,845 SF
Lot Size: 21,736.4 SF
Zoning CM-2
Year Built 1967
Power 600 AMPS / 240 Volts / 3 Phase
Restrooms 4 (2 male/2 female)
Construction Type CTU
Loading Oversized GL Door
Parking 17 striped stalls (gated and secured)
GRAND AVENUE
VRC VRC
MENSRESTROOM
WOMENSRESTROOM
MANAGERSOFFICE
FRONT OFFICE
CLERICALOFFICELOBBYCLASSROOM
STAFFLOUNGE
FIRST AIDROOMCONFERENCE
ROOM
MENSRESTROOM
WOMENSRESTROOM
STORAGE
WORKSHOPAREA
WAREHOUSEAREA
SHIPPING & RECEIVING
ROLL-UP DOOR
SIDEWALK
DUMPSTER
CH
AIN
LIN
K F
ENC
E
APPROX 13,597 SF
DRAWN BY
DDETWILER
DESCRIPTION
L.L. FRANK WORK CENTER DOWNTOWN LA
DATE4/10/2007
REVISED
12/17/2010
TITLE
ABILITY FIRST3812 S GRAND AVE
LOS ANGELES CA 90037
JANITORCLOSET
Washer
Dryer
2
2
22
CX
Ph
CX
2
2
2
2
2
Ph
2
2
2
2
Ph
2
CX
CX
2
2
2
2
2
2
2
PH
2 PH
22
CX
PH2
2
22
1
PhCX2
PA
PAPP
HIGHLIGHTS+ Secured parking area
HVAC
New roof
Easy access to I-110 and I-10 freeways
Central to DTLA
Potential parking revenues from Exposition Park events
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+
+
+
+
S. GRAND AVENUE
W. 3
8TH S
TREE
T
Approximately 15,845 SF
LOCATION
HOLLYWOOD DTLA
USC
N
S. GRAND AVENUE
W. 38TH STREET
S. H
ILL STR
EET
MARKET OVERVIEWGreater Los Angeles’ vacancy rate inched up to 1.5% due to 6.1 million square feet (msf) sf of new construction – the highest level of new development since 2005. Since it is a supply-driven increase and new buildings are likely to attract strong demand, vacancy is expected to decrease slowly as new buildings are absorbed. Even with the tight market, leasing activity remained relatively healthy with year-end total of 34.8 msf, 2.3% higher than last year. This level of activity also made the region the second most active market in the nation in terms of leasing velocity, just behind the Inland Empire. The combination of limited new product and strong demand has resulted in historically strong performance for Class A product and improved fundamentals for Class B and C product in the right locations. Strong demand generated significant rent growth in Greater Los Angeles and the region’s average overall asking rate climbed to $0.87 per square foot per month (psf/mo) for an annual growth of 11.5%. Over the last two years, overall asking rents have grown by 14.5%.
The leading indicators that correlate well with the industrial sector continue to point to robust demand. Although industrial land remains limited and prices are high, development activity has been ramping up to satisfy the pent-up demand for modern logistics product. At year-end 2018, 6.0 msf remained under construction, but even with new properties coming online, the market remains severely supply-constrained.
GREATER LA
MARKET OVERVIEWCENTRAL LA
Ending the year with a 1.6% overall vacancy rate, Central Los Angeles’ market fundamentals remain relatively healthy, but lack of available modern product presents limited options for tenants. Although demand for industrial product has never been greater, options are limited due to insufficient available supply. Totaling 7.5 msfat year-end 2018, leasing activity was down 5.5% while the number of transactions decreased by 24.4% from a year ago. On a positive note, there were a number of large transactions this year with 11 new deals of 100,000+ sf. The largest deal of the quarter and the year was Four Seasons General Merchan-dise’s631,264-sf lease in Commerce. With 3.0 msfof leased space in 2018, the Vernon submarket accounted for 40.4% of Central LA’s leasing activity and also accounted for the majority of the market’s net demand with 471,341 sf of occupancy gains.
Even with the addition of 601,475 sf of new product in 2018, the Commerce/ Vernon submarket’s overall vacancy rate remained relatively stable at 1.5%. With strong demand and limited supply, rental rates are now at historic high at $0.76 psf/mo, for an 18.8% annual growth. Although available supply is limited, leasing activity remained relatively healthy with year-end total of 6.2 msf, up 3.5% from a year ago. User sale activity was particularly strong this year with 1.6 msf transacted in 2018, compared to just 934,750 sf in 2017.
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SUBJECTPROPERTY
S. GRAND AVENUE
S. HILL STREET
LOS ANGELES RIVER
METT
RO
EX
PO
LIN
E
S. FIGUEROA STREET
EX
PO
SIT
ION
BLV
D.
MIKE CONDON, [email protected]
Ca Lic. #01884476
BRIANNA DEMUS +1 213 955 5140
[email protected] Lic. #02049585
KELLI [email protected]
Ca Lic. #02004355
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.
