(Read more on the industrial market.)

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LOS ANGELES-A 57,000-sf industrial building in the Los AngelesInernational Airport market has sold for $13.1 million, or $230 persf, an all-time market high price per sf for an industrial buildingof its size in the Los Angeles International Airport market,according to brokers in the deal. The property is at 5651 W. 96thSt., a quarter of a mile from LAX and across the street fromNeutrogena's world headquarters.

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The buyer was Avila 8 LLC, a company in the natural gas industrythat formerly was based in Santa Monica and acquired the propertyfrom Cargo Ventures, an industrial investment and development firmbased in New York. According to Marcus Gilmour, a vice president atLeonard & Ohren, the deal is yet another example of themigration of Westside industrial companies into the LAX market.

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Gilmour says that Leonard & Ohren's marketing campaign forthe building focused on brokers and Westside companies. "Ourchallenge was to introduce this LAX industrial facility to themarketplace as a viable option for Westside companies," he says. Henotes that industrial buildings in the LAX market in this sizerange previously sold for $165 and $175 per sf.

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Gilmour adds that the Westside industrial market continues todiminish as industrial properties are converted to other uses, suchas residential and retail. As a result, many Westside industrialcompanies are recognizing that relocation to the LAX industrialmarket may be an option.

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The seller was represented by Gilmour and Britten Shuford ofLeonard & Ohren, which is the strategic advisory and brokeragedivision of its sister company, Pacifica Capital Group. The 5651 W.96th St. building was previously occupied by DHL as adistribution/logistics facility.

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