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10/16/14
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The 22.4k sf Diamond Indoor Swapmeet property in Los Angeles sold for $3.6 mil. The property, located at 2121 Firestone Blvd, west of Alameda St at the edge of South Gate, was purchased by an undisclosed non-profit organization.
The building is on a 55.4k sf lot containing a large retail center and a small freestanding restaurant pad, just off the 110, 105, and 710 Freeways. The larger building has served as the Diamond Indoor Swapmeet general store and banquet hall while the second building was used for a small taco stand.
The property was recently renovated to include a new roof, electricity and plumbing. The buyer plans to use the retail property for their non-profit organization.
Steve Liu, Vice President, and Roger Niez, Senior Vice President, with NAI Capital’s Orange County office represented the seller, Diamond 888 LLC, in the transaction.
Discussing the deal, Liu notes, “The real challenge was the fact that we needed to deliver the building fully vacant. Tasked with 30 or so tenants to remove, we ran into some hurdles but we were able to assist our client in negotiating a peaceful termination and resolution with the existing tenants.”
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