Randall L. Stephenson, chairman and CEO of AT&T Inc. (Credit: Google Maps)
AT&T wants to dial into L.A.’s industrial market dominance.
The Dallas-based telecommunications conglomerate is selling a big portfolio with 33 industrial redevelopment sites in submarkets around Los Angeles, San Francisco, San Diego, Houston and Austin.
A source familiar with the properties told TRD that the total portfolio is approximately $150 million.
The sites were used by AT&T as industrial work centers. They are available for transit-oriented multifamily development, and many are located within federal Opportunity Zones, which give tax breaks to investors in distressed areas.
Eighteen of the sites are located in California, including eight in Los Angeles and Ventura counties, six in San Francisco, and two in San Diego. The assets in L.A. are spread from South Bay to the San Fernando Valley, and AT&T has owned some of them since 1962.
AT&T’s assets are available as the entire portfolio, in combinations, and some are available individually, according to CBRE, which is marketing the portfolio.
One of the corporation’s largest industrial sites in L.A. includes five buildings with more than 146,180 square feet of space. The buildings were completed on Alondra Boulevard in Gardena in 1963 and the company has owned them since 1993.
Another site in South L.A. spans almost five acres along Coliseum Street, and another site in Canoga Park includes three buildings on 4.3 acres. The company has owned the San Fernando Valley property since 1962. The other properties are located near South Park, Agoura Hills, and Ventura County.
Meanwhile, L.A.’s Inland Empire continues to be the industrial capital of the U.S. It ranks number one in the country for industrial real estate, owing largely to population density, proximity to ports and a healthy amount of construction of Class A facilities.
By the end of 2018, tenants in the region signed 20 of the top 100 industrial leases in the country, totaling 18.98 million square feet, according to the latest report from CBRE.