Kenwood has occupied the combination warehouse and headquarters facility since it was built in 1987, according to broker Kevin Shannon of a Grubb & Ellis team that represented both parties in the sale. The property is a 2201 E. Dominguez St., near the Watson Center.
The $56 per-sf price was in line with comparable deals, Shannon said, adding that buyers still outnumber sellers for L.A.-area industrial properties.
"There is a relative dearth of this type of investment property for sale," Shannon said. Institutional owners don't want to sell industrial properties because they have a hard time finding investments to replace them, he said, so buyers often must wait for an owner-user like Kenwood in order to find a deal.
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