Howard Industries, a Culver City-based distributor of heaters and air-conditioners, has shelled out $2.1 million for the building. Located in the 86-acre WineRidge Business Park, the facility stands at 960 S. Andreasen Dr.
Mike Erwin and Barry Hendler of BRE Commercial/NAI acted on behalf of Howard Industries. Howard Zatkin of Colliers International represented the seller, WineRidge LLC, which counts Ray Vellinga as managing member.
The transaction has come as the county's flex/R&D market is still performing positively, despite the current uncertainty in the national economy. The market has just come off another strong quarter, with availability contracting from 15.16% to 14.76%, according to a recent report by Insignia/ESG. "While this contraction appears miniscule, it strengthens a trend more than six quarters long: prolonged diminishing availability in a down economy," Insignia/ESG researchers say.
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