Kendrick Construction, a Los Angeles-based commercial property developer, has acquired a 219,000-square-foot industrial building in Long Beach, Calif.
The value of the transaction was $12.4 million.
The property is located at 100 West Victoria St.
Invensys Climate Control, a designer and manufacturer of climate control consumer products, is currently leasing the industrial building. The lease ends in April of 2007.
“Kendrick Construction plans to hold the site as an investment property and will redevelop the building for higher and better use once the current tenant lease ends in 2007,” said Peter Castleton of Voit Commercial Brokerage’s Anaheim Metro office.
Voit Commercial, along with Klabin Co., represented both the buyer and the seller, Proficiency Capital, in the transaction.
Voit Commercial Brokerage, a member of CORFAC International, is a full-service brokerage firm that specializes in the sales and leasing of office, industrial and retail properties.
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