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July 18, 2019
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Four Industrial Facilities in the City of Commerce Sell for Combined $20 Mil


Karney Properties has sold four industrial buildings totaling 120.3k sf of space in the City of Commerce for a combined price of just over $20 mil ($166/sf). The facilities were acquired for warehousing needs by different companies in the garment, mattress and other general merchandise fields.

The four properties are located at the intersection of Washington Blvd and Garfield Ave in Commerce, and span the entire city block. The buildings are at: 2216 Garfield Ave (22.2k sf); 2240 Garfield Ave (39.2k sf); 2300 Garfield Ave (40.1k sf); and 2336 Garfield Ave (18.8k sf).

Each M2-zoned building sits on its own individual parcel and offers the ability to multi-tenant, load via multiple sides, and utilize rail. The properties were part of a time-sensitive reverse 1031 exchange and set record market prices for unimproved industrial properties in the Commerce submarket.

Tim Wallace, David Hess, Mike Foley, Ryan Bos, and Chuck Berger with Cushman & Wakefield represented Karney Properties in the transactions. As of second quarter 2018, vacancy in Central Los Angeles was 1.4%, according to Cushman & Wakefield research.

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