Industrial Investor Pays $9.2M for 216,840 SF

COMMERCE, CA-A Los Angeles investor operating as 49th Street Properties LLC has acquired a 216,840-sf industrial building from Gardena-based Overton Moore Properties for about $9.2 million, according to Cushman & Wakefield. who represented both parties in the transaction.

The property is a fully leased, single-story building at 2211 Tubeway Ave. John McMillan, David Hess and Jeff Sanita of Cushman & Wakefield’s Downtown Los Angeles office represented both sides of the transaction.

The facility is the Southern California warehouse and processing facility for TW Metals, an Exton, PA-based specialty metal distributor serving manufacturing concerns in the government, military, aerospace, marine and motor sports. The property is adjacent to the Citadel Business Center, a 10-building, 482,000-sf industrial park currently under construction by Overton Moore Properties and New York City-based ING Clarion about six miles from Downtown Los Angeles.

In a press release, the C&W brokers pointed out the industrial facility is part of 4,160 acres zoned for industrial use in the city of Commerce, which has shifted in recent years from heavy industrial to light manufacturing, distribution and research and development.