As shown above, California leads the nation in industrial cold storage cubic feet, that is warehouses with coolers and freezers. What drives this inventory of frigid distribution space? Metro areas have large populations along with food production facilities and food logistic hubs. California has major port activity along its coast to drive much of the logical demand.
A development is planned on a parcel of land Hankey Investment Co purchased in 2009 for $7 million. They purchased the property via public auction. Hankey plans to build a 31-story residential and mixed-use tower with Jamison Properties, a prominent developer in Koreatown. One of Hankey’s companies, Midway car rental, operated on the site for many years.
Matthew Artukovich of Lee & Associates sold 2.5 acres of land here in 2005 for $11,330,000.00. He represented the seller, Right Hero Industries USA. The site is located across from Lafayette Park and is near Southwestern Law School (former Bullocks Wilshire building), and the Vermont/Wilshire metro subway station.
The City of Los Angeles is in the process of updating its land use plans. These plans are the way the City plans for the future. The Draft Boyle Heights Community Plan Update is the blueprint for guiding this change. For a PDF of the plan see Boyle Heights Zoning Plan Update. Note the industrial section known as The Flats, on the left side of the image, is being rezoned from Industrial to an Innovative zone. This may be a riff from the CASP multi-zoned ordinance passed for the area north of DTLA near LA State Park, the cornfield.
No real estate agent can predict what the economy will bring forth in the next 12-24 months. We can look at leading and lagging indicators but no person knows what will trigger the next downturn. James Mackintosh of the WSJ provides an interesting set of options though to consider.
Rare opportunity for a high quality industrial food production building. Any food production operation will appreciate the many features of this food prep facility located in Los Angeles in the Southbay neighborhood of Harbor City.
+ 1,446 SF Freezers & 2,074 SF Coolers
+ USDA, FDA & Organic Blast Cooler & Blast Freezer
+ 8,350 SF Food Processing, Floor Drains, Hoods
+ Kitchen, Baking, Cooking Equipment Included
+ Dock High Loading, Fenced Yard
Good for seafood/fish, meat, poultry, beef, egg, bakery, meal kit prep, catering, restaurant commissary, beverage, juice, or general food processing operations. Offered for sale and a lease possibly with investor for a financial strong tenant. For more information download the Flyer.