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3/01/24
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A 40.1k sf industrial property in the city of Vernon was acquired for $13.75 mil ($342/sf) by Privy, an apparel wholesaler. The firm plans to use the property as its expanded headquarters.
The property is located at 2640 E. 26th St, east of Alameda St and south of Washington Blvd, adjacent to the Los Angeles River. It is less than two miles from the 10 Fwy with easy access to the ports and LAX Airport.
Anthony Bergeman, SIOR, Michael Chase and Krishna Shegran of DAUM Commercial’s Capital Markets represented the seller, a private investment company that acquired the property in 2020 through a 1031 exchange. Moon Lim and Ryan Judd, also with DAUM, participated in the transaction as well. Privy was repped by Steve Kim of One Commercial.
According to DAUM Research, the Los Angeles industrial market saw the median sales price per square foot dip by about 15% to $300.86 despite the amount of sales decreasing by 43% down to $852 mil in Q4. In a strong signal for the market, 2640 E. 26th St traded at $342.65 per square foot.
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