Lee & Associates Closes $10 Million City of Industry Industrial Sale
Torrance, CA – May 23, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $10 million sale of a 10.67-acre land site for the construction of a 232,000-square-foot industrial property at 300 N. Baldwin Park Blvd. in the City of Industry.
“This was a complex transaction that was in escrow for nearly 1.5 years,” said Senior Vice President Jeff Bethel of Lee’s City of Industry office who represented the seller, Chalmers Equity Group (CEG). “As a former redevelopment agency site, CEG was required to get approval from the state level agency.” John Tilley of The Imperium Company represented the buyer, Jacmar Foodservice Distribution, which services white tablecloth restaurants, delicatessens and fast food establishments.
The completed state-of-the-art project will cost in excess of $23 million. The Food Service building will have a 32’ minimum ceiling height, 25 dock high loading doors as well as cooler and freezer storage.
According to Bethel, the property boasts excellent access to the freeways. Jacmar is expanding and relocating from Irwindale and this facility will serve as their new corporate headquarters. “There is an extremely low supply of state-of-the-art buildings in Los Angeles County. CEG was in negotiation with three different buyers before ultimately moving forward with Jacmar,” noted Bethel.
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
