Northwestern Mutual CEO John E. Schlifske and the building
Southern California’s industrial market hasn’t cooled down a bit this summer.
Alere, a pension fund advisor, has purchased the Los Alamitos Corporate Center for $128.5 million.
Northwestern Mutual was the seller of the 17-building industrial park along Cerritos Avenue and Corporate Center Drive in Los Alamitos, according to CBRE. The property is 98-percent leased to 82 tenants.
The corporate center spans 37 acres with 685,588 square feet of industrial space. It’s located three miles from the I-405/I-605 freeway interchange.
Los Alamitos is at the northwest border of Orange County near Long Beach in a submarket referred to as the Mid-Counties. Earlier this year, printing company Epson signed a lease for 150,000 square feet in Los Alamitos for its new U.S. headquarters.
Industrial vacancy in Orange County stayed at an all-time low in the first part of the year, driven by steady demand, despite occupancy challenges, according to CBRE research.
Meanwhile, Northwestern Mutual recently purchased a 1.5-million-square-foot warehouse for $213.5 million in the Inland Empire, which is one of the hottest industrial markets in the country.
Southern California has been the most active spot in the country for industrial real estate and investment, and the market is expected to perform well with both rent growth and absorption expected to outpace last year.
CBRE’s Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins represented the seller.