Living Spaces headquarters sold to Dexus Property Group of Australia
Dexus Property Group said Thursday that it had bought the massive headquarters of furniture retailer Living Spaces in La Mirada for $26.25 million.
Living Spaces uses the 278,000-square-foot building as a warehouse and retail sales center for its line of furniture and other home items. It is one of seven stores operated by the regional company and also houses the company’s executive offices.
Dexus didn’t reveal the name of the seller, but real estate data provider CoStar Group identified the previous owner as LBA Realty of Irvine.
Living Spaces occupies the building at 14501 Artesia Blvd. under a lease that lasts until 2016, Dexus said. It uses 120,000 square feet for a showroom, 140,000 square feet for a warehouse and 10,000 square feet for offices.
Dexus, a large commercial real estate company based in Australia, opened an office in Newport Beach last year in anticipation of acquiring hundreds of millions of dollars’ worth of industrial property.
This is Dexus’ second acquisition since it arrived in Newport Beach. In October, it spent $14.4 million for a multitenant industrial property in Industry.
The Living Spaces purchase is consistent with Dexus’ strategy of concentrating and repositioning its U.S. real estate investments into West Coast markets, including the Los Angeles area and the Inland Empire, said Bryan Bentrott, managing director.
