The Los Angeles real estate market recorded a milestone recently as the largest land deal in over a decade in the central area of the city was completed when Pacific Industrial, LLC acquired a large plot of land from the City of Bell. The purchase was announced by the local office of commercial real estate services provider, CBRE.
The buyer paid the City of Bell a purchase fee of $44 million for the 39 acres that are currently entitled for 840,390 square feet of mixed-use space. The site formerly served as the home of the World War II Cheli Air Force Base GSA site, and is at the moment vacant and undeveloped. Pacific Industrial was represented by aforementioned brokerage CBRE in the completion of the deal.
According to a recently issued press statement, the new owner will develop a Class A industrial campus on 25 acres of the newly acquired plot, as the first phase of its massive development project. This initial phase will include three buildings totaling 550,000 square feet of space. The second phase of the development will add another structure totaling 300,000 square feet of space located in the immediate proximity of the 710 freeway, with rail service a future option for the site. The company has set an October 2014 deadline for the first phase of development at the site.
Specifics on the end product according to the developer will include state-of-the-art commerce facilities, two-story office space, above-standard skylight counts to maximize the amount of daylight, and 100 percent concrete yard areas. The construction will be developed according to the U.S. Green Building Council’s LEED standards. A number of green features will be used in the development process to ensure its eco-friendly status such as: electric vehicle charging stations, solar-ready roofs and others meant to make the structure one of the most environmentally advanced industrial development projects in the state of California.