Kidder Mathews commercial real estate brokers Jon Reno, SIOR, CCIM, Mark Vanis, and Trevor Gale, SIOR have won the Silver Award for Best Land Sale in the Los Angeles Business Journal’s Commercial Real Estate Awards.
Each year, the Los Angeles Business Journal’s Commercial Real Estate Awards program honors outstanding projects and developments, and the brokers who represented the most significant and impactful lease/sale transaction deals of the year.
Reno, Vanis, and Gale were recognized for the sale of an 8.3-acre industrial redevelopment site located at 1716 E. 7th Street in Los Angeles’s Arts District. The site is currently used as the Greyhound Bus Line station serving Los Angeles and is situated at ground zero for last mile, final touch in supply chain logistics. It was the largest industrial land transaction to occur in Los Angeles County in 2020.
The team 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.
“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.
“The property provides long-term opportunities for flexible building design and a variety of unique uses,” said Vanis, senior vice president at Kidder Mathews.
“With the vacancy rate at two percent in the central L.A. submarket, demand remains incredibly strong for quality, well-positioned industrial real estate,” added Reno, senior vice president at Kidder Mathews.
Reno, Vanis, Gale are leaders in the core downtown Los Angeles industrial market and have over 50 years of combined commercial real estate experience.
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 $80 billion in transactions, manages 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.