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.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.