Norwalk freezer facility sells for nearly $12 million
NORWALK — The Koll Company announced today it has acquired a 54,000-square-foot freezer facility in Norwalk, a central distribution location providing “unmatched function and strategic access to the prestigious Southern California consumer market and the larger Western region.”
Located at 13034 Excelsior Drive, the warehouse is fully leased to Cargill Meat Solutions, a wholly-owned subsidiary of privately held Cargill Inc. which has $115 billion in sales and is America’s largest private company.
The facility, which is used as the distribution point for delivering protein products to customers throughout California, Arizona and Nevada is the only freezer facility serving the Western region for Cargill Meat Solutions.
“The Los Angeles industrial market continues to tighten with a limited future supply pipeline,” said Scott Lanni, Principal, The Koll Company. “Acquiring this strategic and unique freezer facility at a value significantly below replacement cost will prove to be a strong long-term investment providing both cash flow and asset appreciation.”
Features of the building include a 28’ clear ceiling, 5,473 pallet positions and seven dock high doors. The industrial property is uniquely efficient, providing over 90% of the rentable square feet as highly desirable frozen food storage.
The warehouse is a key investment in Norwalk, where this central distribution hub is in close proximity to a majority of greater Los Angeles.
Mike Hartel, Joe Winkelmann and Nick Velasquez of Colliers International represented the buyer and seller in the transaction. The lender was East West Bank.