Voit Real Estate Services, a commercial real estate firm, has sold a $14.4 million, 157,328 sq. ft. industrial property in the Los Angeles market to DEXUS Property Group, an Australian Real Estate Investment Trust that is an owner of 25 million sq. ft. of industrial property in the U.S.
Alan Pekarcik, Dan Vittone, and Nick Frasco of Voit Real Estate Services’ Irvine office represented both the buyer, DEXUS Property Group, and the seller for the transaction on the Industry City Center property.
“Voit capitalized on the heavy demand for a core multi-tenant industrial product in the LA market,” says Pekarcik. Voit’s background in the Southern California market and the specific submarket, as well as its expertise in identifying top investors, aided the transaction, he adds. The Pekarcik-Vittone team has completed more than 100 sales of business parks over the last 20 years.
DEXUS Property Group has $13 billion in assets under management in Australia and the United States. The company recently announced its expansion into the U.S. with an office opening in Newport Beach, Calif.
The Industry City Center is 100% occupied and is an institutionally managed property in the City of Industry, Calif. The property offers dock-high served warehouse space ranging from 4,600- to 11,400 sq. ft.