Avison Young announces $5 million sale of industrial building/excess land in prime West Los Angeles location

Avison Young announces $5 million sale of industrial building/excess land in prime West Los Angeles location 12 May 2020

Los Angeles, CAAvison Young in cooperation with co-broker Newmark Knight Frank, announced today the $5 million sale of a 6,500 square-foot (sf) industrial building with excess land located at 2133 and 2143 Pontius Avenue in West Los Angeles. The transaction was record-setting for the West L.A. submarket with the highest price per square of $590 paid for an industrial building under 10,000 sf and $300 per sf for the land (per CoStar records.)

Avison Young Principals Patrick Barnes, Chris Maling and David Maling who are based in the company’s downtown Los Angeles office, along with John DeGrinis of Newmark Knight Frank, represented the seller, a private investor from California. The buyer, a private investor from West Los Angeles was represented by David Kamran of Diva Real Estate Group.

“This property is in one of the most desirable commercial/industrial areas of West L.A. because of the zoning and location,” said Barnes. “Its proximity to the 405 and 10 freeways via W. Olympic Boulevard and accessibility to a vast array of Westside area amenities, made this a record-setting transaction.”

Barnes added, “Despite the COVID-19 crisis, we executed the closing on this transaction with an essential automotive industry business owner who has an immediate need for the property.”

The property and excess land are situated on a .3-acre land parcel. Built in 1948, the building features a high clear span, bow truss design with sufficient loading and power, warehouse skylights and 14’ minimum ceiling height. It was formerly occupied by an auto repair shop who recently vacated.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

www.avisonyoung.com

 

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For more information:

• Darcie Giacchetto, Places Public Relations: 949.278.6224