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Majestic Asset Management buys El Segundo flex building for about $27M

The 57,000-square-foot property was sold for about $480 per square foot, and the lease includes a Rivian sublease that runs until 2034.

Reported · Written up by our desk · Industrial & Land

Majestic Asset Management has acquired a Rivian-leased flex industrial building in El Segundo for about $27 million, according to The Real Deal as cited by Bisnow.

The deal covers a 57,000-square-foot property at 401 Coral Circle, with the purchase price translating to roughly $480 per square foot, a sizable markup versus about $15.3 million that Hackman Capital Partners paid when it bought the site in 2018.

Rivian is subleasing the full building from Boeing, and the sublease is set to expire in 2034. The report also notes that Hackman remains active in El Segundo, with another Hackman-owned property in the area having recently signed a lease with Innocean at 888 Douglas.

Bisnow frames the transaction within a broader period of stress and turnover for some studio-focused real estate portfolios, including properties being pushed toward sales as debt moves toward default, while aerospace and defense tech tenants continue to support leasing in the South Bay. It also points to CBRE data showing total leasing across the Los Angeles industrial market reached 15.7 million square feet in the second quarter, up 40.4% year over year.

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