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7/17/12
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ABR Properties paid $2.6 mil for a 28.6k sf multi-tenant industrial building in Paramount. The property, located at 15700-15714 Garfield Ave and 7515-7524 Madison St, a block north of Alondra Blvd, was sold by a private trust located in Marietta, GA.
Built in 1965, the one-story property includes six units which have historically been occupied by individual companies. The new owner will occupy the majority of the building while renting out a few units for immediate income. The buyer will also have the opportunity to expand into more space in the future.
Chris Sheehan and Adam Deierling of Colliers International represented the seller. The buyer, who was repped by Jay Martinez of KW Commercial, plans to use the facility for wholesale sales and distribution of boots.
“We took a multi-tenant project and were able to find the right owner/user in a very specialized corridor in Paramount that is known for the boot and hat trade,” said Sheehan. The highly visible property along Garfield Avenue was exactly what the buyer was looking for, and we were able to garner a strong sale price that could not have been achieved if sold to an investor.”
The City of Paramount is home to a variety of manufacturers and tool wholesalers. Strategically bound on four sides by the 91, 710, 605 and 105 freeways, this market is highly accessible to the ports and is centrally located to the Southern California market.
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