Industrial Deal Brings $111 Per SF

Robin Dodson of Cushman & Wakefield says the 27,550-sf building at 1560 S. Flower St., fronting the 210 Freeway, sold for slightly more than $3 million to an owner user who will relocate to the building from an existing facility in East Los Angeles. The concrete tilt up building was in escrow within 60 days of its listing, underscoring the continuing demand for industrial product of this type in the region, says Dodson, who represented the seller as part of a Cushman & Wakefield team that included John Minervini, Erik Larson and Chris Tolles. The building formerly served as the corporate facility and manufacturing plant for Imperial Commercial Cooking Equipment before Imperial Commercial relocated to a larger facility in Corona. The buyer, who was represented by Sam Lee of Top Properties, is one of myriad owner-users in the San Gabriel Valley, which has long been home to a large concentration of owner-users of industrial properties--even before the trend in the past few years in which many business owners have switched from leasing to owning. Nonetheless, investors are still acquiring industrial properties to lease to tenants, as evidenced by a Central California investor's recent purchase of a 40,000-sf industrial building at 16019 Adelante St. in Irwindale for more than $3.3 million in a 1031 exchange. H.R. McClain of the City of Industry office of GVA Daum reports that the buyer, an individual from Paso Robles, bought the building from a group of private investors. McClain and Tom Phelan, also of GVA Daum's Industry office, represented the sellers. Kerry Cole of Kerry Cole Associates represented the buyer and is the leasing agent for the property, which sits on two acres of land.