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11/21/12
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Ethnic food distributor Sun Hing Foods has acquired a 216k sf industrial facility in the City of Industry for $16.2 mil ($75/sf). Located at 14505 Proctor Ave, north of the 60 Fwy at 7th Ave, the building features heavy power and ample yard area with cross-dock loading.
Senior Vice President Adam Dzierzynski of Lee’s Industry office represented Sun Hing, an ethnic food wholesaler and distributor that develops and distributes ethnic-food products for grocers, supermarkets, bakeries and food services in the North America. Jeff Huberman, also a Senior Vice President with Lee and Associates, repped the seller, PSIP Prism Industry LLC, a joint venture between Prism Realty Corporation, an investment and development firm based in Costa Mesa, and Penwood Real Estate Investment Management LLC, a financial investment advisory firm based out of Hartford, Conn.
Built in 1969, the building was originally purchased by PSIP Prism Industry LLC as a leased investment that they rehabilitated and renovated to cater to a user occupant. “Given the 6.43 percent overall vacancy rates in the San Gabriel Valley, coupled with an even more constrained supply of property for sale in the City of Industry, the seller did an excellent job positioning the asset to meet the inefficiencies of the market,” said Huberman.
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