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12/19/19
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Leon Capital Group paid $6.625 mil for an industrial redevelopment property in Los Angeles. The property is located at 6500 Avalon Blvd, south of Slauson Ave and east of the 110 Fwy, near the Goodyear Industrial Tract south of downtown L.A.
The property currently houses a 1945-vintage industrial building, however, the buyer is seeking to demolish the facility and plans to develop a new, three-story 115k sf self-storage building on the nearly 1.5-acre site. The project will serve both commercial and residential tenants.
Newmark Knight Frank’s Ed A. Palmer represented the buyer and the seller, a private trust.
“The buyer is seeking to improve the site for a better use as a Class A, state-of-the art self-storage facility and is currently applying for entitlements,” said Palmer. “Once those are approved, the project is anticipated to complete development within nine to 12 months.”
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