Magnum News

Federal Express Distribution Property

Published on Jan 05 | by Magnum Properties

Richard Meruelo sold the Federal Express distribution facility at 2000 N. San Fernando Road in Los Angeles to LA - San Fernando Partners LLC for $35 million, or about $293 per square foot.  The cap rate at the time of sale was reported at 7.9%.
 
The industrial building was constructed in 1998 as a built-to-suit for Federal Express. The property consists of 119,381 square feet of which 9,868 square feet is office space. There are six dock-high and 13 grade-level doors. The power includes 1,800 amps and 277/480 volts.  The company's current lease term runs through October 31, 2014, at which time it has a five-year option to extend through October 31, 2019. Expenses on the lease are triple net.  

Richard Plummer, David Hasbrouck and Andrew Harper of Cushman Wakefield represented the seller. Mike Meraz of Magnum Properties represented the buyer.

Please see CoStar COMPS #1570867 for more information.




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