Torrance, CA – December 16, 2010 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed a $3.3 million sales transaction for a parcel of land at 6464 33rd St. in Riverside, Calif. The 24.05-acre plot is a former lumber yard for the seller, Las Plumas Lumber & Truss, LLC.
Vince Anthony of Lee & Associates-Ontario represented the buyer, Rexcomet, Inc., a privately-owned company that specializes in wholesale aluminum products. Anthony also represented the seller with Michael Chavez of the Ontario office.
Rexcomet plans to relocate its cold rolled steel business from Ontario, Calif. Currently, there is one 3,522-square-foot office building and four maintenance/storage buildings totaling 15,000 square feet on the land parcel. Rexcomet plans to construct a 40,000-square-foot manufacturing facility within next 12 months. The land contains a fully improved site with various buildings and UP rail spur.
“Las Plumas filed for Chapter 11 Bankruptcy protection in November 2009 and was forced to sell by the court and their creditors,” said Anthony. “The property had been appraised by the seller’s lender 24 months earlier at $6.5 million so the purchase represented an excellent value for Rexco. About half the property will serve as Rexco’s headquarters while the owner intends to lease out the other half to companies/users that need outside storage and can utilize rail service.”
About Lee & Associates
Celebrating 31 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.