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6/22/17
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A 58.6k sf industrial property in the LA County city of Paramount sold for $9.31 mil ($159/sf). The property was purchased by Richard Elden, the owner and president of dbest products Inc, a manufacturer of lightweight, collapsible rolling carts and bags, as part of a 1031 exchange deal.
The building is located at located at 7825 Somerset Blvd, south of the 105 Fwy and east of the 710 Fwy. The property is made up of five contiguous industrial condos in a high-image park, providing on-demand expansion capabilities and the opportunity to lease any unused space.
Elden also collected $4.39 mil from the sale of his previously owned and occupied property, a 30.5k sf building in Santa Fe Springs. That building is located at 15500 Cornet St, adjacent to I-5 near Carmenital Rd and Alondra Blvd.
CBRE’s Robert Flores, Brian Held and Ryan Foley represented in the purchase. They also repped Elden in the original purchase of the Santa Fe Springs property in 2015.
“dbest products was recently featured on ABC’s Shark Tank,” said Flores. “The company secured a deal with both, Mark Cuban and Lori Greiner, and that will only help to propel the already-rapidly growing company to new heights.”
The Greater Los Angeles industrial market has started off strong in 2017. Despite a lack of available properties, activity remained strong over the past 12 months. Vacancy rates are expected to continue to trend downwards, as new construction is outpaced by demand, according to CBRE research. Rental rates are expected to climb an additional 6.3% by the first quarter of 2018.
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