Los Angeles investors have acquired an industrial building complex totaling 172,000 square feet in the City of Commerce, Calif., with plans for project renovation, announced Investment Development Services of Los Angeles.
Suleman Mohammed, real estate manager for IDS, reported that the four buildings located on seven acres of land at the southeast corner of Atlantic Blvd. and Sheila St. were acquired by an investment group advised by IDS.
John Privett of CB Richard Ellis represented the buyers. John Repstad and Brett Dedeaux of Binswanger Realty Advisory Group represented the Sanchez Trust, the sellers. Purchase price was not disclosed.
Mohammed said that Unified Western Grocer and a newspaper-related firm lease a portion of the project. The new ownership plans to renovate and upgrade a portion of the common areas and interiors of the project. The total project value will be approximately $14.5 million when work is completed, Mohammed said.
The Commerce buildings include a 126,800-square-foot warehouse, a three-story, 36,480-square-foot office building fronting Atlantic Blvd., and additional office space of some 8,000 square feet. The buildings comprise both concrete tilt-up and poured-in-place concrete construction.
IDS is a commercial real estate services company focusing on the western United States.
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