In one of the City of Industry sales, Craig Phillips of Lee & Associates reports that Masco Corp. finally sold an 871,024-sf industrial property at 825 S. Ajax Ave. to 82A Developments LLC for more than $15 million. Phillips, who works out of the Lee & Associates City of Commerce office, explains that the property "had significant environmental complexities to overcome before 82A Developments would agree to the purchase." He says that a previous occupant "caused significant contamination that needed to be cleared up before the transaction could be finalized."

The new owner, a private investment company, plans to demolish one of the existing structures, which is approximately 10,000 sf, and to redevelop the land into an industrial park that will include small units for lease. Seller Masco Corp. is one of the world's largest manufacturers of brand-name consumer products for the home improvement and new construction markets.

[IMGCAP(2)]The other two properties that sold in the City of Industry were buildings of 31,296 sf and a 31,914 sf that were both developed on a spec basis by Voit and traded for a combined total of $9.7 million. The two speculative buildings are situated on two separate parcels totaling more than three acres at Long Lane and Nelson Avenue, with immediate access to the Pomona (60) Freeway and Interstate 605.

James V. Camp, senior vice president of development/acquisitions for Voit Development, points out that the buildings are part of one of the few recent industrial developments in the San Gabriel Valley. He notes that Voit sold the two properties within six months after completing construction. The two were part of a three-building project that also included Voit's third-party 144,000-sf build-to-suit distribution and office center for FreshPoint of Southern California, a wholly owned subsidiary of Sysco Corp.

The three buildings are situated on a 15-acre land parcel on which the firm broke ground in May 2006 and completed the project in the summer of 2007. Voit Development, which is the development arm of the Newport Beach-based Voit Cos., was represented by Mark Latimer and Ryan Lewis of the Santa Fe Springs office of CB Richard Ellis in the sale of the two spec buildings.

[IMGCAP(3)]The sales by Los Angeles-based Rexford Industrial included a 16,449-sf, two-tenant industrial warehouse at 6040 Paramount Blvd. and 2715 Seaboard Lane in Long Beach; a 12,000-sf, single-tenant industrial warehouse at 315 E. 157th St. in Los Angeles; an 8,735-sf, single-tenant industrial warehouse at 6760-A Central Ave. in Riverside and an 8,735-sf, single-tenant industrial warehouse at 6760-A Central Ave. in Riverside. The four sold for a total of approximately $5.7 million.

Rexford acquired, renovated and repositioned each of the four buildings in value-added plays. All four of the properties were part of larger Rexford projects, and their sales were planned as part of the company's investment strategies.

In the Long Beach sale, Rexford was represented by Jeff Smart of Grubb & Ellis, and the buyer, an individual, was represented by Eric Winter. In Los Angeles, Rexford represented itself and Reed Gottesman of CB Richard Ellis represented the buyer, the tenant of the building. In the Riverside sales, tenants bought both buildings and Rexford was represented by Chris Hauso of NAI Capital in both deals. The buyers' brokers were John Boyer of NAI Capital for the 6760-A Central Ave. sale and Robert Sturner of NAI Capital for the 6770-A Central Ave. sale.