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Property Auction

City of LA Port of LA Property Auction Header

The City of Los Angeles Harbor Department's Cargo and Industrial Real Estate Division is selling property by auction consisting of approximately 13.75 acres of vacant land located between John S. Gibson Blvd. and the Interstate 110 (Harbor Freeway) in the City of San Pedro. The property contains portions of Assessor Parcel Numbers: 7440-016-907, 7440-016-911, and 7412-024-902. There are currently two (2) cell phone towers and four (4) ground water monitoring wells that occupy portions of the property that generate monthly income. All rights to collect rent and any landlord obligations under these revenue generating agreements will be assigned to the winning bidder upon the closing. Please see "Property Documents" below for information. The sale will be subject to easement reservations as well as certain covenants, conditions and restrictions. Please see "Reservations" below for additional information. There are abandoned pipelines located on the property as well as ground contamination present. See "Environmental Disclosures" and "Harbor Commission Board Report" below for additional information. Please see the "Appraisal Report" below for the valuation of the property. The appraisal report did not consider environmental contamination on the site or the removal of the abandoned pipelines in it valuation of the land. The minimum bid takes into account these conditions to the best they are known based upon estimated costs to cure. The winning bidder will, at their discretion, be allowed up to a 120-day escrow in order to perform any site characterization due diligence deemed necessary. Pursuant to Division 7, Chapter 1, Article 4 of the Los Angeles Administrative Code, the minimum deposit at registration is $10,000.00. All potential bidders MUST pre-register for the auction with a Cashier's Check in the amount of $10,000.00 no later than 24 hours prior to the auction. This will be an All Cash "As-is" Sale. The City will NOT offer financing nor pay commissions to Brokers.

To register for the auction, please go to
WWW.BIDKW.COM
KENNEDY WILSON 310-887-6228

The auction will be conducted on
February 8, 2017 at 2:30 p.m. at
Banning's Landing, 100 E Water St, Wilmington, CA 90744

There will be a site tour
February 1, 2017 at 10:30 a.m.
You must pre-register for the tour by emailing dcastillo@portla.org


MINIMUM BID $1,218,000.00

 

Brochure (click here)

Appraisal Report (click here)

Reservations (click here)

Environmental Disclosures (click here)

Harbor Department Commission Report (click here)

Notice of Sale (click here)

Property Documents (click here)

Title Report (click here)

Request for Easement Adjoining Property Owner (click here)

PIMMA Pipeline Maps (click here)

 
 
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