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Newmark has completed the $6.625 million sale of an industrial property for redevelopment located at 6500 Avalon Boulevard near the Goodyear Industrial Tract in Los Angeles.
Newmark Managing Director Ed A. Palmer represented the buyer, Leon Capital Group, as well as the seller, a private trust.
The property currently houses a 1945-vintage industrial building, however, the buyer is seeking to demolish the facility and seeks to develop a new, three-story, 115,000-square-foot, self-storage building on the nearly 1.5-acre site. The project will serve both commercial and residential tenants.
“The buyer is seeking to improve the site for a better use as a Class A, state-of-the art self-storage facility and is currently applying for entitlements,” said Palmer. “Once those are approved, the project is anticipated to complete development within nine to 12 months.”
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Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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