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MONTEREY PARK, CA-A private individual who owns and operates a garment accessories supply company has purchased a 24,000-sf industrial building at 1051 Monterey Pass Rd. from Madison Heights, MI-based DME for nearly $1.6 million, according to Cushman & Wakefield of California Inc.

Dwight Hotchkiss of the Los Angeles office of Cushman & Wakefield says the 40-year-old building was sold in less than three months after going on the market, indicating the demand for industrial facilities throughout the Los Angeles Basin “regardless of class or age,” and especially in the Monterey Park industrial submarket. Hotchkiss represented the seller, with the buyer’s interests negotiated by Ken Chan of K&L Properties in Alhambra. According to Hotchkiss, few buildings come available in this area, and when they do, they are quickly snatched up. Cushman & Wakefield statistics show the 4.4-million-sf industrial submarket of Monterey Park and Rosemead is one of the tightest in Southern California, with a vacancy rate of less than 1%.

DME, a subsidiary of Cincinnati-based Milacron Inc., is a manufacturer and distributor of tooling. The buyer is expanding his business from elsewhere in Monterey Park.

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