Lee & Associates Closes $3.94 Million Industrial Sale in Ontario
Torrance, CA – November 16, 2011 – (RealEstateRama) — Lee & Associates, the nation’s largest broker-owned commercial brokerage firm, has transacted the $3.94 million sale of the Class A Philadelphia Place Business Park located at 2810 Philadelphia St., in Ontario, Calif.
Jeff Smith and John Seoane of Lee & Associates’ Ontario office represented the seller, Lampson Beach Properties, which sold the property based on determinations of market conditions and the opportunity to affect a 1031 exchange for a property that had been of interest. The buyer, Summit Machine, will occupy the property for their own operations.
“When we started marketing the property there were a total of five buildings available for sale and 14 buildings for lease in the 40,000 to 50,000-square-foot range,” said Seoane. “This illustrates how demand for purchase far exceeds demand for lease, which contributed to the seller’s confidence in achieving a premium compared to recent sales.”
The 45,907-square-foot property, built in 2000, is considered a class “A,” newer product for its size range. “The limited supply of these types of properties and the correlated rise in prices allowed the seller to get very close to their asking price of $4 million,” added Smith.
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 44 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
