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LOS ANGELES-A private investment group has paid $7.4 million for an industrial building in the Wilmington area.

The 148,186-sf building stands at 920 Pacific Coast Highway. It sits on an 8.3-acre parcel.

The buyer is Wilmington LLC, a private partnership. It was represented in the transaction by Bradley H. Gibbons of the local Commercial Property Group.

The seller is an LA-based partnership known as SCIF Wilmington LLC. It was represented by Howard Schwimmer and Chuck Brill of Daum Commercial Real Estate.The industrial vacancy rate countywide has dropped into the low single digits, as demand continues to outstrip supply. Though sale prices and rents have recently softened, brokers say the long-term outlook remains good because there is little space available for additional development.

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