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City of Industry Distribution Property Sells to Tenant for $60M
(Updated with additional information)
JLL Capital Markets closed the $59.9-million sale of a 282,377-square-foot industrial property located at 918 S. Stimson Ave. in the City of Industry. Ardmore Home Design, a luxury wholesale furniture manufacturer and the building’s tenant, acquired the asset.
A JLL Investment Sales and Advisory team led by senior managing director Patrick Nally and director Makenna Peter, along with senior managing director Mark Detmer and senior director Evan Moran, represented the seller. Rick Sherburne and Kyle Sherburne with HRS Commercial represented Ardmore Home Design.
CBRE’s Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek secured the $50.9-million, 85% loan-to-cost, permanent loan at a sub 6% interest rate to purchase the building.
Built in 1981, the distribution facility features 24-30-foot clear heights, 34 dock-high doors, two grade-level doors, 28 trailer stalls and 150 auto stalls. Located on 13.06 acres near California Highway 60 and close to Interstates 605, 10 and 210, the property offers convenient access to Southern California’s consumer base of more than 25 million residents.
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- ◦Sale/Acquisition
