Harbor Associates, LLC and Evergen Equity have recently acquired a 126,015-square-foot industrial real estate portfolio in the highly sought-after Gardena submarket of Los Angeles. The off-market transaction was completed for $55 million with a local investor.
The portfolio comprises four adjacent properties ranging from 17,000 to 45,000 square feet located at 690-760 W. 190th Street. Situated within the bustling Gardena/Harbor industrial submarket spanning over 34 million square feet, these properties boast an impressive vacancy rate of less than one percent.
According to Rich McEvoy and Paul Mizkowicz – principals at Harbor Associates – this acquisition presents a rare opportunity to secure prime industrial land spanning over seven acres in such a tight market. They are currently exploring various possibilities for the site including developing it into a state-of-the-art Class A outdoor storage facility catering specifically to trucking and container uses.
Mizkowicz further added that this particular submarket has seen tremendous growth due to its strategic location allowing for trucking and shipping container activities which has led to high demand from third-party logistics (3PL) companies competing for limited truck yards in the area.
This latest development by Harbor Associates is sure to make waves in the commercial real estate industry as they continue their expansion efforts across Southern California.
