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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