CBRE Negotiated the $7.6 Million Sale of the Paramount Business Center

CBRE arranged the sale of the Paramount Business Center, a 30,224-square-foot multi-tenant center in Paramount, Calif. A local private investor purchased the property for $7.6 million.

CBRE Investment Properties' Mark Shaffer, Gerard Poutier, Anthony DeLorenzo, Bryan Johnson and Dylan Rutigliano, along with Barbara Perrier and Eric Cox from CBRE's National Partners, represented the seller, a publicly traded REIT, in the transaction.

"This was a rare opportunity to purchase a small-bay multitenant industrial property in a premier infill location with close proximity to the ports," said Mr. Shaffer, senior vice president at CBRE. "We continue to see competitive bidding on small-bay multitenant industrial due to the strong long-term underlying fundamentals of the asset profile."

The property has 11 units ranging in size from 2,025 to 3,794 sq. ft. Each unit features an 18-foot clear height, one grade-level door and a high-image storefront. Located just off Interstate 710, the building is 15 miles from both the Ports of Los Angeles and Long Beach.

According to CBRE research, the Greater Los Angeles industrial market closed in Q1 2024 with a vacancy rate of 2.7%. Paramount followed the low trend with a vacancy rate of 1.1%.