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LOS ANGELES-Ingersoll-Dresser’s former site in Vernon has been purchased for $15.6 million by a limited liability corporation that plans to build a new industrial complex on the property.

Demolition has already begun at the 10.5-acre site, which has been acquired by Xebec LLC. The company plans to build three state-of-the-art industrial facilities on the property, which is located along Bickett Street in the cities of Vernon and Huntington Park. The freestanding buildings will encompass a total of 240,000 sf and will be available as speculative or build-to-suit facilities. Completion is scheduled for the first quarter of 2002.

A Colliers Seeley team of Scott Heaton and Paul Sablock represented XB Partners LP, an affiliate of Xebec LLC, in the purchase of the property. The project, which is being exclusively marketed by the Colliers Seeley team, has already garnered interest from prospective build-to-suit tenants, according to Heaton. “Commercial real estate financing in the low 7% range makes ownership very compelling,” he says.

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