Broyles tells GlobeSt.com that a furniture importer, acquired the property after a 16-month escrow during which prices for industrial properties rose significantly above the $4 million that the buyer paid. Broyles, who represented the buyer, says that after some improvements to the facility, the company will operate the space as a warehouse and distribution center. While the sale was being negotiated, Broyles notes, "We had multiple backup offers at prices higher than the closing price, but the buyer was already under contract to acquire the property for $4 million."
Allan Maxwell and Nick Peukpiboon of the Downtown Los Angeles office of Daum Commercial Real Estate represented the seller, Bimbo Bakeries USA. The former bakery building, which was built in stages from the 1920s to the early 1970s, is a single-story facility that is a combination of concrete tilt-up, block and masonry construction.
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