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10/22/15
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Adler Realty Investments purchased a three-building, food distribution complex in Vernon for $9 mil. The property, located at 2323-2325 East 55th St and 5401-5415 South Santa Fe Ave, is on the corner of Santa Fe Ave and east 55th St in a densely industrial neighborhood south of downtown Los Angeles.
The property is 100% occupied by Peacock Cheese and consists primarily of refrigeration and freezer space used for the tenant’s operations. The site also contains a fuel service station used to service trucking fleets in the area. It was not part of this transaction.
Adler plans to renovate the buildings and upgrade the existing systems for the tenant. The site totals nearly four acres, providing the potential for future redevelopment into a larger and more modern food distribution center.
According to Michael Adler, president of Adler, the company is actively looking for other value-add and opportunistic properties to acquire for its investors. Will Smith of Colliers International represented the buyer and the seller, Sylvester and Maria Feichtinger Living Trust, in this transaction.
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