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8/05/14
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Primestor recently acquired a three-building, 55.4k sf mixed-use redevelopment property in East Los Angeles for $5.5 mil. The buildings, located at 4571-4591 Whittier Blvd, 760 S McBride Ave and 755 S McDonnell, were previously occupied by FAMSA. Primestor plans to invest significant capital to redevelop the property.
Scott Burns, Jason Gribin, Shauna Mattis and Geoff Tranchina of WCRE represented the sellers, JB Realty LLC and Barsky, Barsky & Rickey LLC. The buyer repped itself in the transaction.
The purchase consists of these buildings:
• 755 S. McDonnell Ave is a one-story, 12.4k sf industrial warehouse structure, constructed in 1977
• 760 S. McBride Ave is a two-story, 16.3k sf building featuring 8.8k sf of industrial space and eight apartments on the second floor
• 4571-4591 Whittier Blvd is a two-story, 26.6k sf retail building.
"These properties are located along an historic retail corridor (Whittier Blvd) in one of Southern California's most densely populated communities, which were key factors in securing a premium for our client," said Gribin. "Primestor is the perfect investor with its long history of developing and investing in urban infill markets."
Located on Whittier Blvd., a major thoroughfare between the 710 and the 605 freeways, the property draws from a dense urban population of over 286,000 with an average household income of nearly $51,000 within a three-mile radius.
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