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CITY OF INDUSTRY, CA-California retail giant Strouds has purchased a new 160,000-sf headquarters building here from Ringwood Avenue Properties LLC. The sale price was at $8.975 million.

The new Stroud headquarters is located at 280 Machlin Ct. in the City of Industry. Prior to occupancy Strouds will construct a new 25,000 sf mezzanine for the administrative area of the headquarters. The company will move in to the new facility in June 2002.

With more than 200 employees in Southern California and 50 stores in four states, Strouds’ decision on the site was to be convenient for existing employees who commute to work and also offer an attractive setting for clients and employees, according to Chairman Walter Cruttenden.

Strouds was represented in the transaction by David Y. Cantwell, who works out of Studley’s Orange County office. The property seller, Ringwood Avenue Properties LLC, was represented by Chris Bonney of Lee & Associates.City of Industry has 30 office buildings with an inventory of 2.5 million sf, according to a first quarter 2002 market report released recently by Cushman & Wakefield. Of that there was 463,812 sf of directly vacant space, which translates to a direct vacancy rate of 18.3%.

There was 35,837 sf of vacant sublease space in the City of Industry’s office sector, according to Cushman & Wakefield. That figures out to be a 1.4% sublease vacancy rate for the area. The total vacant space in the City of Industry was 499,649 sf, which measures out to be an overall vacancy rate of 19.7%. Net absorption for the second quarter 2002, according to the report, is 111,685 sf.

The City of Industry is part of the Central Los Angeles market, which has a total number of 301 office buildings. For the entire market there is a total inventory of 58.3 million sf, with 8.9 million sf of vacant space. This translates to a total vacancy rate of 15.4% for Central Los Angeles, according to the second quarter 2002 report issued by Cushman & Wakefield.

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