Industrial Facility Fetches $4.4 Mil

LOS ANGELES-A real estate partnership has paid $4.4 million for an industrial building here, as the vacancy rate countywide has dropped into the low single digits. The 118,947-sf facility stands at 1800 E. 50th St.

The buyer, Rajani Family Real Estate Partnership, was represented by Douglas Golden of Charles Dunn Co. The seller, Long Beach Av. Properties was represented by Sandra Crawford and Carol Taubman of Westgate Industrial Properties.

The deal follows the recent sale of an industrial building in the Wilmington area. The facility was sold for $7.4 million, as reported earlier this week by Globest.com. Encompassing 148,186-sf, the property is located at 920 Pacific Coast Highway. A private partnership known as Wilmington LLC acquired the building from SCIF Wilmington LLC, an LA-based partnership.

It is expected that demand will continue to outpace supply countywide, as there is little space available for additional development.