Rob Socci of Voit says the building is in the midst of an established industrial area and was built in 1975. Socci represented the sellers, who had owned the building for three years, while Doug Cline of Lee & Associates represented the buyers. Socci says the buyers will be owner-users of the building, which is a free-standing, single-story, concrete tilt-up structure that was empty at the time of the sale.
Brokers say Downey is one of the markets that has suffered the least in the current economic downturn. It is part of the Mid-Cities industrial market, a collection of cities in Los Angeles and Orange counties that remain popular with tenants and with owner-users because of the Mid-Cities market's proximity to customers in both counties.
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