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Nonprofit Acquires LA Warehouse for $13M in All-Cash Deal
Matthews Real Estate Investment Service sourced an all-cash investor for the $13,000,000 acquisition of 2707 Beverly Blvd., an industrial warehouse near Downtown Los Angeles. Associate VP Matt Sundberg represented the seller, alongside Jake Glaser of Lyon Stahl.
The flex, single-tenant industrial space features 29,024 square feet on a 30,391-square-foot lot, 85-plus parking spaces and creative office space. The property was also recently entitled for a 119-unit mixed-use multifamily development.
“This investment is a unique flex space with low ceilings, which made it difficult to lease,” Sundberg said. “We would continue to update our client every week, setting regular meetings to discuss the site and interest we were receiving. In the end, we closed at a great price with a 501(c)(3) nonprofit that has been around for 10-plus years, which made this sale fully exempt from the 5.5% mansion tax.”
- ◦Sale/Acquisition
