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12/06/12
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In a recent industrial purchase in downtown LA’s Garment District, an 18.2k sf property traded for $1.7 mil, or $93/sf. The property is located at 2900 E. 11th St, east of Soto St and south of Olympic Blvd, near the 110/10/101 and 405 freeways.
The highly visible, tilt-up freestanding building has many prominent features including two dock-high loading positions to accommodate 53’ containers as well as 45 parking spaces. The property has 24’ clearance heights and sits on 33.3k sf of land. It also resides in a potential State Designated Enterprise Zone, which provides the buyer exemption from certain taxes and provides other economic advantages.
Ali Makoui with NAI Capital’s West L.A. office represented the buyer, Cho & Pour Properties LLC, in the acquisition. The sellers were William W. Lynn and Isabel D. Lynn.
According to Makoui, the buyer is a successful entrepreneur in the garment wholesale and design business and chose this property because of its flexibility for his personal needs and rental potential. He had been leasing for some time and needed to grow into a larger building to provide for his company’s growth.
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