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9/21/15
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In a recent Gardena investment sale, the 37k sf Twin Dragon Marketing headquarters property sold for $4.15 mil, or $112/sf. The property, located at 14600 South Broadway, south of Rosecrans Ave and east of the 110 Fwy, was 100% leased to Twin Dragon Marketing at the time of sale.
The 44-year-old brick building was sold as a single-tenant, net-leased fee interest investment. It is a single-story warehouse/distribution building situated on 1.9 acres of land between West Rosecrans Ave and West Compton Blvd in a prime location within the South Bay industrial submarket, just east of the 110 Fwy.
Senior Vice Presidents Jesus H. Henao and Senior Associate Paul Bellgraph with NAI Capital represented the buyer, 14600 Broadway LLC, and the seller, Twin Dragon Marketing, in the sale.
Founded in 1980, Twin Dragon Marketing is a multinational textile manufacturer specializing in denim textiles, innovative denim washing and pioneering fashion fabric trends. Twin Dragon Marketing is internationally recognized in the textile and denim markets for its passionate dedication to superior product quality and customer-conscience service & logistics. Twin Dragon Marketing has an annual global production capacity for over 80 million square yards. 4600 South Broadway serves as their corporate headquarters.
This was a very unique transaction. It was an off-market deal, involving a 1031 exchange and took two weeks to close. Henao said, “This property presented the seller Twin Dragon Marketing with the opportunity to pull out the equity from their real estate and put it to work in their business.” Bellgraph added, “1031 exchanges are difficult to complete, with limited time timeframes and availability of leased product for sale. In purchasing this property, the buyer got a built-in long term tenant and a good building. The uniqueness of the real estate combined with credit worthiness of the tenant was a win-win for the seller and buyer.”
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