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11/14/14
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A 24k sf, light industrial building in Los Angeles sold for $3.05 mil, or $127/sf. Built in 1965, the property is situated on .73 acres of land at 1929 W. Pico Blvd and is fully occupied by Loomis, an armored car transport service.
Chris Steck, senior director with Charles Dunn Company, represented the Los Angeles-based buyer, Sam Jung Enterprises. Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company, repped the seller, Namco Liquidating Trust.
“The buyer owns many other similar properties in the Los Angeles market,” said Steck. “The acquisition provided the buyer with the opportunity to add value through lease up of the property as Loomis will be vacating it by the end of the year. We have already had great tenant interest in the building and are optimistic that it will be leased soon.”
“The vacancy rate for small to mid-sized industrial property in Los Angeles is very tight at 3.5 percent,” added Fraser. “We utilized our existing relationships and quickly identified an ideal buyer for the asset in an off-market transaction.”
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