Industrial Asset Fetches $16M for Prism JV

(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)

CITY OF INDUSTRY, CA-Sun Hing Foods, a wholesaler and distributor of ethnic-food products for grocers, supermarkets, bakeries and food services in North America, has purchased a 216,048-square-foot industrial property at 14505 Proctor Ave. here for $16.2 million. The seller was PSIP Prism Industry LLC, a joint venture between Prism Realty Corp., an investment and development firm based in Costa Mesa, CA, and Penwood Real Estate Investment Management LLC, a financial investment advisory firm based out of Hartford, CT. SVP Adam Dzierzynski of Lee & Associates’ local office represented the buyer, and SVP Jeff Huberman, also of Lee’s Industry office, represented the seller. The building was originally purchased by PSIP Prism Industry LLC as a leased investment that the seller rehabilitated and renovated to cater to a user occupant.