Sperry principals Rand Sperry and Burton Young with the Colonnade Business Park (Credit: Google Maps)
Brookfield Asset Management has bought a complex of four warehouses in Santa Fe Springs for $45.5 million, expanding its industrial footprint in Southern California.
Irvine-based Sperry Equities, the seller, got roughly $190 per foot for the 240,000 square-foot Colonnade Business Park at 9720 Norwalk Boulevard, The Real Deal has learned.
With four buildings, the park can accommodate multiple tenants. The largest of those is Kloeckner Metals, a national steel supplier and manufacturer that recently merged its Los Angeles facility into its space at Colonnade.
Business parks like Colonnade are not as common in L.A. as their single-tenant counterparts, but the ones that exist command a high price. Boston Properties bought the Santa Monica Business Park for $616 million last year, paying more three times as much per foot as Brookfield did in Santa Fe Springs.
Luke McDaniel and Cameron Driscoll of JLL represented Brookfield, which confirmed the deal but declined to comment further. Sperry Equities did not respond to requests for comment.
Source: The Real Deal Los Angeles