Stuart Shrimpton, using the entity Stuart Shrimpton Trust, snared the 1901 E. 5th St. infill gem with a $1.6-million offer and a promise to close in 30 days, Mike Wallis with Daum Commercial Real Estate Services tells GlobeSt.com. "These infill sites are being snatched up by everybody," he says of the rush to stake a claim on the Valley's undeveloped parcels. "These little infill sites, especially near the freeways are being grabbed fast."
The infill parcels, Wallis says, are particularly attractive to buyers who want to be near the Valley's transportation system and other urban amenities rather than follow the sprawl to the suburbs. As evidence, Wallis points to the multiple offers Chadsworth, CA-based seller IMC Eastern Corp. sifted through when it put the building and acreage on the market about a year ago.
"We had several people who would pay just as much, but (Shrimpton) came to the forefront with a much quicker escrow. He closed in 30 days. That was kind of a hot button for the seller," Wallis explains.
Shrimpton, who has been dabbling in the Valley's real estate market for years, plans to either sell or lease the 24,000-sf, fully air-conditioned warehouse property for 40 cents triple net and build two 20,000-sf buildings on the remaining acreage, says Wallis, who represented both buyer and seller in the transaction.
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