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CITY OF COMMERCE, CA-A local investment company has purchased a 53,100-sf industrial building that is nearly 50 years old for $58 per sf, according to Cushman & Wakefield.

Golden Lyon Investment Co. bought the property at 2000 Garfield Ave. from F&S LLC of Los Angeles for $3.1 million. The concrete tilt-up building, which was completed in 1956, was vacant at the time of the sale. It occupies a parcel at the southeast corner of Garfield Avenue and Flotilla Street.

John McMillan and Jeff Sanita, both in the City of Commerce office of Cushman & Wakefield, represented the buyer and the seller. It is the second sale of a 1950s vintage industrial building in the City of Commerce in the past several weeks. Previously, a 216,840-sf, fully occupied building traded for about $9.2 million.

The City of Commerce industrial market, with close to 82 million sf of space, maintains one of the lowest vacancy rates in the Los Angeles Basin at approximately 4%, according to recent brokerage reports.

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