The CBRE team of Kevin Foley, Mark Shaffer and Mark Latimer has brokered the $14 million sale of a 26,000-square-foot industrial property on South Sepulveda in West Los Angeles, CA. The transaction, to a local buyer in a 1031 exchange, amounted to $538 per square foot.
The property features five creative industrial buildings, and was vacant at the time of the sale. “This was a unique investment opportunity for the buyer to acquire infill industrial space in a market with a sub 1% vacancy rate,” said Foley in a news release. “The new owner plans to lease-up the vacant property with an eye to potential adaptive reuse and future redevelopment.”
Foley added, “Existing zoning accommodates a wide variety of creative industrial, retail and office uses. These warehouse buildings are centrally located and enjoy great accessibility to West Los Angeles amenities, dense population and major freeways.”