VERNON, CA-GlobeSt.com has exclusively learned that FFI Properties Inc. has sold a 401,587-square-foot industrial property at 4700-4714 Boyle Ave. for $15.6 million. The buyer was 45th Street LLC.

Peter D. Bacci and Jack Cline of the Lee & Associates’ Commerce/Industry office represented both the buyer and seller. The building was previously occupied by the locally-based company Fortune Fashions Inc.

“After Fortune Fashions Inc. closed their business and sold their assets, FFI Properties sold to 45th Street LLC who took the opportunity to acquire this spacious property,” explains Bacci. “Because of its prime location, they currently plan to lease the property out while holding it for their personal investment portfolio.”

Built in 1948, the property was previously owned by Smart & Final before FFI Properties bought the property.

Bacci tells GlobeSt.com that the property was placed in escrow vacant and by the time it closed, Lee & Associates had secured a 216,000-square-foot tenant, Vig Furniture. He also points out that the firm also just signed another lease for 89,000 square feet with a garment company called the Hundreds.

Rents for creative office in the area, he says are approximately .90 to 1.05 gross and the other class b-, c manufacturing space is mid .30 cent range or .32 to .38 cents gross.” He adds that the pricing was the key in the Vig Furniture lease, which was approximately .27 cents gross start rate and the Hundreds was approximately .30 gross start rate.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.