Britten C. Shuford of Leonard & Ohren Commercial, who represented seller First Industrial Realty Trust of Chicago, tells GlobeSt.com that the property attracted very strong interest from 1031 Exchange buyers, but the most serious demand came from local private investors and syndicators. The property that changed hands was Century-105 Business Center at El Segundo Boulevard and Yukon Avenue. First Industrial sold it to privately held NSB Associates Inc. of Los Angeles, which was represented by Brad Levin of the South Bay office of GVA Daum.
The business park, composed of 13 units ranging from 2,160 to 10,400 sf, was 97% leased at the time of the sale. The three-building project is of brick construction, offering an average of 15% office build-out and ground level loading. Shuford tells GlobeSt.com that the Century-105 Business Center deal is part of a migration of non-entertainment related industrial companies south into the LAX marketplace. Buyers are migrating into the LAX market from West Los Angeles because of the gradual obsolescence of industrial space in West Los Angeles, Shuford says.
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