This 40,046 square foot owner/user industrial asset is located at 1309 West Walnut Parkway in Compton, CA. It is strategically positioned within Compton’s industrial submarket, located halfway between the ports of Los Angeles and Long Beach and the industrial hub of south downtown. The seller, a Matthews™ private client, was planning to retire and exit the business. Matthews™ was awarded the listing during the height of the pandemic in May 2020. However, due to unforeseen circumstances and per the seller’s discretion, they took the property off the market for two months before hitting the market for the second time at the beginning of 2021.
On the first go-around, the Matthews™ agents generated 17 offers within the first two weeks of the property going to market. When the property was re-listed for sale, an additional 21 offers were generated by utilizing Matthews™ proprietary marketing technology. In total, the Matthews™ representatives toured more than 67 potential buyers. By maintaining communication with all interested parties through both marketing cycles, the Matthews™ agents created an extremely competitive bidding environment. They leveraged the offers received, tours performed, and relentless work ethic to expose the deal to top buyers in the market and motivate them to submit compelling offers.
The property attracted both institutional and private capital. The selected buyer initially made an offer when the property was first listed before the seller removed it from the market. The Matthews™ agents turned lemons into lemonade by keeping previous buyers who submitted offers engaged and simultaneously fielding new offers. As a result, the agents secured the buyer who originally placed their best and final at $9,000,000 up to $9,300,000 on the second go-around, creating an additional $300,000 in value. Matthews’ strategic marketing plan resulted in a transaction that closed at a price per square foot of $232.23. This is the second-highest price per square foot documented within the last year for an industrial property between 20,000 and 100,000 square feet in Compton, CA. The buyer plans to utilize the space for their new corporate headquarters, centrally located to their clients.