Harbor and Evergen Buy Warehouse Campus in Gardena for $55M

Harbor Associates and Evergen Equity have picked up four industrial buildings in Gardena for $55 million.

The Long Beach- and Austin-based investors bought the 126,000 square feet of warehouses at 690-760 West 190th Street, the Commercial Observer reported. The seller was not disclosed.

The property was owned last year by Campbell, Campbell and Campbell, based in Rolling Hills Estates, according to property records. It was last traded in 1977 for an unknown price.

The South Bay industrial buildings next to the 405 and 110 freeways interchange run from 17,000 square feet to 45,000 square feet on 7.5 acres.

The purchase by Harbor and Evergen works out to $436 per square foot, $7.3 million per acre.

L.A.’s industrial sales averaged $314 per square foot through the first 10 months of this year, according to a report by CommercialEdge, making it the most expensive market in the nation.

The deal adds to $3.55 billion in industrial properties sold this year in Los Angeles County, second to the Inland Empire in transaction volume

Evergen CEO Troy Marcus said the asset “will be one of the crown jewels in our logistics portfolio.”

Executives at Harbor Associates said the owners are looking at several options, including building a Class A industrial outdoor storage facility for trucks and containers.

“This submarket is incredibly dense and is one of the few in the area that allows for trucking and shipping container uses,” Paul Miszkowicz, a principal at Harbor, said in a statement. “This has ‘super-charged’ the demand as (third-party logistics) and logistics companies compete for a diminished supply of truck yards.”

The warehouse campus is Harbor’s third industrial buy this year, in which it surpassed $120 million in acquisitions, and adds to a 640,000-square-foot industrial portfolio in Southern California.

Brokers Eric Cox, Barbara Perrier and Darla Longo of CBRE advised the unidentified seller on the deal.

— Dana Bartholomew