LONG BEACH, CA-Kendrick Construction has acquired one of the last industrial buildings in the city with frontage on the 710 Freeway, a facility at 100 W. Victoria St. Kendrick bought the 219,000-sf industrial facility from Proficiency Capital for nearly $12.4 million, according to Peter Castleton of Voit Commercial, who, along with the Klabin Co., Voit’s Corfac International partner, represented both the buyer and the seller.As one of the last large industrial properties available with 710 freeway frontage visibility, the building constitutes “a valued asset with tremendous redevelopment potential,” Castleton says. The property is leased by Invensys Climate Control, a designer and manufacturer of climate control consumer products, until April 2007. Kendrick plans to hold the site as an investment property and will redevelop the building for higher and better use once the Invensys lease ends, Castleton says.The Kendrick purchase was one of two industrial sales reported in Long Beach recently. In the other, Grubb & Ellis Co. reports that Discount Storage, a Los Angeles-based self-storage company, bought a 33,840-sf industrial building at 1000 New York St. from locally based Page Family Trust for $1.2 million and plans to convert the four-story building to a self-storage facility. Brian Held and Dennis Ingram of the South Bay office of Grubb & Ellis represented the buyer and the seller.In an Inglewood transaction, a private individual bought a substantially improved 28,000-sf industrial building formerly occupied by Rocker Bros. from Rocker Revocable Trust for $1.5 million, according to Luke Staubitz and Harvey Beesen of the Klabin Co. The Klabin principals report that the investor has occupied the building, which is located at 420 E. Hyde Park Blvd. Staubitz and Beesen represented the seller, with ANR Asset Management Brokerage representing the buyers of the concrete tilt-up free-standing building, which features freezer and cooler space, plus 2,000 sf of office space and six truck-high loading positions.

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

© 2024 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 Spring 2024Event

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 © 2024 ALM Global, LLC. All Rights Reserved.