Lee & Associates Closes $4.6 Million Industrial Sale in Los Angeles
Torrance, CA – August 28, 2012 – (RealEstateRama) — Lee & Associates, one of the leading broker-owned commercial real estate firms in the nation, has closed a $4.6 million industrial sale in Los Angeles. The 51,149-square-foot property is located at 1875 East 22nd Street.
Matthew Artukovich, a senior vice president of Lee & Associates-Commerce, Inc., represented the seller, O’Rourke & Sullivan LLC. The buyer, 1875 22nd St LLC., was represented by Major Properties.
The 1960-built industrial building has six truck-high loading positions and 17 to 20-foot ceiling clearance. The buyer intends to operate their garment business there.
“We received nine purchase offers for this property,” said Artukovich. “This demonstrates the increasing demand and lack of supply for dock-high buildings in the 50,000-square-foot range in Downtown Los Angeles. Many of the potential buyers were in the garment industry.”
The sale comes on the heels of two other significant industrial deals out of the Commerce office. In May, Artukovich also secured the property at 2930 E 44th St. in Vernon, Calif. for the buyer after outbidding five other buyers. The warehouse featured six truck-high positions and a large concrete yard, but needed a new roof and office upgrade. Both Matthew Artukovich and Doug Cline represented the buyer, Reflex Jeans, and the seller, JP Morgan Chase Bank. The Commerce office also sold the 401,587-square-foot property located at 4700-4714 Boyle Ave. in Vernon Calif. for $15.6 million in July.
Artukovich added, “We have seen a small pickup in industrial demand this year compared to the past few years, and the southern California low vacancy rate has made some properties competitive amongst buyers despite the lackluster economy.”
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, 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.
