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September 20, 2019
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VENTURA COUNTY NEWS
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SoCal Sales Comp Review

11/05/12

In this report, we’ll cover a trio of recent SoCal sales, in Montebello, Monterey Park and Ventura. Two of the sales were for industrial properties while the third was for a 12.5k sf office property. The transactions ranged from $1.5 mil to $3.8 mil in value.

The largest deal – dollar-wise – took place in Montebello, where a 35k sf industrial warehouse sold for $3.8 mil ($109/sf). The property, located at 2122 Flotilla St, south of Olympic Blvd and east of Garfield Ave, was purchased by JC Industries, a vertically integrated garment manufacturer providing private label services.

JC Industries will use this property to expand its Los Angeles-based operations. They were repped by John Repstad of Binswanger/Realty Advisory Group Inc. Brian McLoughlin and David Fults of Voit Real Estate Services represented the seller, Montebello Management.

In Monterey Park, Merchants Building Maintenance acquired a 12.5k sf office property located at 606 Monterey Pass Rd, south of the 10 Fwy and east of the 710 Fwy, for $1.7 mil ($136/sf). The building was constructed in 1982 and has 50 on-site parking spaces.

The buyer is a family-owned business that has been in operation since 1961 and spans across nine western states from Seattle, WA to Austin, TX. Their services include janitorial, landscaping, security, window cleaning, and engineering. The company plans to occupy the second floor and renovate the first floor as the suites become available.

James Tang of NAI Capital repped the sellers, Patrick W. and Chi M. Tam, in the transaction. Sheri McCanless, also with NAI Capital, brokered the transaction for the buyer. According to McCanless, the buyer, who already owns one property and is renting another a few blocks away, was looking to purchase a building in the area instead of renewing their lease.

And in a Ventura deal, Potts Property paid $1.473 mil for a 14.1k sf ($104/sf) industrial building at 2900 Golf Course Dr, east of Victoria Ave and south of the 101 Fwy. They were represented in the purchase by Mitch Conlee of DAUM Commercial. The seller, DJL Investments LLC, was repped by Michael Wax of Industrial Park Associates.





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