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CHATSWORTH, CA-A locally based buyer doing business as Gledhill Street LLC has acquired a 53,711-sf industrial building at 21500 Gledhill St. for $5 million in a deal that completes a reverse 1031 Exchange, according to Lee & Associates.

Ron Feder of the Sherman Oaks office of Lee & Associates explains that locally based seller, the Feldman Family Trusts, purchased a former House2Home property in Canoga Park out of bankruptcy in December 2002 and sold the Gledhill Street building to meet the requirements of the reverse exchange. Feder represented the Feldman Family Trusts, with the buyer represented by Scott Caswell of Delphi Business Properties in Van Nuys.

The Gledhill Street building, constructed in 1995, is occupied by Pipedream Products Inc. Feder notes that the selling price of $5 million was $5,000 more than the asking price, providing yet another example of the demand for fully leased properties among real estate investors.

The House2Home property is a 98,400-sf building at 8341 Canoga Ave. It was one of about 42 locations that House2Home sold in its Chapter 7 liquidation.

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