Kidder Mathews announced it brokered the purchase of an incredibly rare 8.3-acre industrial site in downtown Los Angeles, California.
Kidder Mathews commercial real estate brokers Jon Reno, SIOR, CCIM, Mark Vanis, and Trevor Gale, SIOR, represented Prologis Inc., the global leader in logistics real estate, in their year’s long search for a core in-fill industrial site that resulted in this successful purchase.
The property is located at 1716 E. 7th Street in the heart of the Arts District and is currently used as the Greyhound Bus Line station serving Los Angeles. The site is situated at ground zero for last mile, final touch in supply chain logistics.
“This acquisition is part of our broader strategy of acquiring well-located assets in major gateway cities in close proximity to the urban core. The property could serve a variety of uses including single and multi-story industrial, transportation logistics development, or renovation of the existing improvements to create a low-coverage last-touch facility,” said Kim Snyder, Prologis, president of the West Region.
“This property provides long-term opportunities for flexible building design and a variety of unique uses,” said Mark Vanis, senior vice president at Kidder Mathews.
“Our team is grateful for the opportunity to work with Prologis. With the vacancy rate at 2 percent in the central L.A. submarket, demand remains incredibly strong for quality, well-positioned industrial real estate,” added Jon Reno, senior vice president at Kidder Mathews.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.