New Owners Plan Four-Building Rehab

CITY OF COMMERCE, CA-An investment group from Los Angeles that was advised by L.A.-based Investment Development Services acquired a 172,000-sf industrial complex and plans a project valued at $14.5 million after renovations, according to IDS.Suleman Mohammed, real estate manager for IDS, reports that thefour buildings are located on seven acres of land at the southeast corner of Atlantic Boulevard and Sheila Street. The investment group that bought the property was represented by John Privett of CB Richard Ellis, with the sellers, the Sanchez Trust, represented by John Repstad and Brett Dedeaux of Binswanger Realty Advisory Group.Mohammed says that Unified Western Grocer and a newspaper-relatedfirm lease a portion of the project. The new ownership plans torenovate and upgrade a portion of the common areas and interiors of the project. The buildings include a 126,800-sf warehouse, a three-story, 36,480-sf office building fronting Atlantic Boulevard and additional office space of some 8,000 sf. The buildings consist of both concrete tilt-up and poured-in-place concrete construction.The renovation project joins a list of new industrial developments and redevelopments in the city where, as reported earlier on GlobeSt.com, developers are eager to venture because of the central location and in-fill nature of the Commerce market. The projects either under way or completed there include Gardena-based Overton Moore Properties’ 10-building, 482,000-sf Citadel Business Center less than a mile northeast of Interstate 5 (Santa Ana Freeway) at Smithway Street and Leo Avenue, adjacent to the Citadel Outlet Center. Overton Moore sold all 10 of the buildings to owner-users for an aggregate of $40 million. Another industrial venture is Xebec Commerce LLC’s 200,000-sf project at the Union Ice Co. plant, a 14-acre site on East Sheila Street along the I-5 Freeway.