CITY OF COMMERCE, CA-Plumbing supplier Pioneer Industries bought the former Benjamin Moore paint plant for $3.3 million only a few weeks after the property went on the market, according to Cushman &Wakefield brokers who represented the buyer and the seller.

Pioneer bought the 58,750-sf building at 3325 Garfield Ave. from Denver-based Northstar Commercial Partners through GFC Garfield Associates LLC. Northstar was represented by Cushman & Wakefield’s John Minervini, David Hess, Erik Larson and Robin Dodson. Dwight Hotchkiss of Cushman & Wakefield, along with Kenneth Chan of K&L Properties, represented the buyer.

The property attracted a number of offers, reflecting the continued demand for medium sized industrial properties in Southern California, the brokers said.

Pioneer Industries will use the site to warehouse and distribute shower and plumbing materials. Pioneer currently owns an existing warehouse on the western edge of downtown Los Angeles, according to Hotchkiss.

The Commerce facility located at 3325 Garfield Avenue served as Benjamin Moore’s Southern California plant for more than 20 years before the New Jersey-based company moved it to Pomona earlier this year. Northstar acquired the 50-year-old building in July as part of a 500,000-sf real estate portfolio from Benjamin Moore.

According to Cushman & Wakefield statistics, the overall vacancy rate for the 281 million-sf Los Angeles Central industrial market stood at 5.8% percent at the end of the third quarter and sales remain strong, especially for small to mid-sized buildings. Hotchkiss says the diversity of businesses within the market is driving demand, along with low interest rates that make buying a building affordable for owner-users.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt. NET LEASE Fall 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.