Hager Pacific Properties paid $17.25 million for a South Bay industrial complex, adding to the investment firm’s substantial portfolio of warehouses in the area.
The Newport Beach-based investment firm plans to renovate the two-building, 145,000-square-foot property, according to DAUM Commercial’s Michael Collins, who brokered the sale. Hager Pacific declined to comment.
The complex consists of one 108,000-square-foot building at 13255 S Broadway and a 37,000-square-foot building at 360 W. 132nd Street. Both are fully leased to individual tenants — a fulfillment warehouse and a label manufacturer.
James Herbst of Business Industrial Group previously owned the property, records show.
Hager Pacific will work to remediate environmental issues at what Collins called a value-add property.
The firm owns a number of industrial properties in South Bay, including a 1.2-million-square-foot complex at 19500 Mariner Ave in Torrance.
Last month, a 135,000-square-foot industrial complex in Torrance changed hands for $34.5 million — bought by investment firms Staley Point Capital and Bain Capital.