RENTV: La Mirada Industrial Building Fetches $420/sf
A 22k sf industrial building in La Mirada recently traded in a $9.25 mil ($420/sf) transaction. It was acquired by an owner/user. Built in 1964, the building offers I-5 Fwy frontage with 24-foot clear height.
The warehouse property, located at 14575 Firestone Blvd, was sold by Stos Partners, who acquired the asset vacant in June 2022. Stos implemented a capital improvement program to stabilize the asset. Improvements included parking lot resurfacing, door renovations, LED lighting systems, and mechanical improvements, among others.
Stos Partners was represented by Brad Schneider and Nick Krakower of Lee and Associates. According to Stos Partners’ Vice President of Acquisitions Tanner Jansen, the company worked with the buyer on a difficult zoning process to obtain a Conditional Use Permit (CUP) for their use.
Article source: rentv.com