Intercontinental Real Estate Corp. Enters LA Industrial Market

LOS ANGELES – Boston-based real estate investment management firm Intercontinental Real Estate Corp. has acquired a 221,842 square foot warehouse and distribution facility in the San Fernando Valley, Los Angeles.

The fully leased property was purchased from a Dallas-based real estate investment firm.

The 13 hectare property was built in 1975 and was used as a beverage packaging facility for Ball Corp. until 2018. operated. In 2019, the current seller acquired, renovated and leased the property to a multinational e-commerce retailer.

The property now serves as a last mile delivery facility serving 12.2 million people within a 50 mile radius.

The property is located at 20730 Prairie St. in the Chatsworth neighborhood of Los Angeles and 35 miles northwest of downtown Los Angeles.

The transaction is the first industrial acquisition by Intercontinental Real Estate Corp. in Los Angeles County. The company currently has nearly two million square feet of industrial ownership on the west coast.

CBRE’s West Coast institutional real estate team, led by Vice Chairman and General Manager Darla Longo and Vice Chairman Barbara Perrier, marketed the property on behalf of the seller.

“Only a small percentage of the industrial inventory in the San Fernando Valley consists of buildings over 100,000 square feet and most of them are legacy products,” said Jessica Levin, senior director of acquisitions and head of the West Coast of Intercontinental Real Estate Corp. Office.

Levin adds, “The size of the asset, combined with the quality of the lease, recent improvements from the seller and the building’s central location in the most populous area of ​​Los Angeles make this building an irreplaceable last mile delivery facility in Los Angeles . It is a huge addition to our industrial portfolio. “