Colliers International Completes 86,000-Square-Feet Industrial Property Sale for $7.74 Million in Vernon, Calif.
La Mirada, CA – November 8, 2011 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed a 86,000-square-feet industrial property sale located at 2301-2303 E. 55th St., Vernon, Calif. The transaction is valued at $7.74 million.
Thomas A. Condon, Senior Vice President, based in Colliers International’s Commerce office represented the Seller, 55th Street Property LLC. The Buyer, J&H Textile Inc., was represented by Steve Kim of Magic Properties.
Built in 1972, the property is well-located on the Westside of Vernon with easy access to Downtown Los Angeles.
“Speculative development of larger buildings has been limited in Vernon over the past decade due to legislation along with the City purchasing shuttered manufacturing sites in an effort to lure heavy power/manufacturing users to the City,” said Condon. “The sale price of $90.00/SF is a testament to the value users place on being located in the business friendly City of Vernon which also offers lower utility rates and no gross receipts tax.”
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
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Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
