A development is planned on a parcel of land Hankey Investment Co purchased in 2009 for $7 million. They purchased the property via public auction. Hankey plans to build a 31-story residential and mixed-use tower with Jamison Properties, a prominent developer in Koreatown. One of Hankey’s companies, Midway car rental, operated on the site for many years. The land is located on the southwest corner of Wilshire and Hoover.
Matthew Artukovich of Lee & Associates sold 2.5 acres of land here in 2005 for $11.3M representing the seller, Right Hero Industries USA. The site is located across from Lafayette Park and is near Southwestern Law School (former Bullocks Wilshire building), and the Vermont/Wilshire metro subway station.
2019 UPDATE: see Urbanize.la June 2019 article with fresh info and building renderings.
An 18,300 square foot food processing building was leased this month to a vegan meal prep and delivery company based in Los Angeles. They needed this space for their expanding business of shipping prepared meals across the country.
The facility was previously occupied by Revolution Foods who prepared school lunches here for Los Angeles charter schools. The new tenant signed a long term lease and will make some improvements to the space. BROCHURE-SitePlan 1715 E 21st LEASED
TriMas Corp. sells a 22-acre site at 5215 S. Boyle Ave. in Vernon to AMB Property Corp. Originally developed from the 1940s through the 1960s to support Norris Industries defense operations, 5215 S. Boyle Ave. includes more than 400,000 square feet of heavy manufacturing buildings with several existing leases currently in place.
According to an SEC filing, the purchase price was for $13 million, all cash. AMB would not confirm the price. AMB plans to market the vacancies at the property in the short-term with a long-range goal of repositioning the site in order to maximize the significant upside potential in the land enhancing the value of the parcel.
The purchase represents AMB’s first development project in Vernon, a city that consists almost entirely of industrial properties located approximately five miles southeast of Los Angeles. The city is home to more than 1,800 businesses which employ approximately 50,000 individuals. Vernon also consistently boasts one of the lowest vacancy rates in the greater Los Angeles area.
AMB purchased the site for substantially below current land sale value for clean & graded sites ready for construction.
An industrial real estate new condominium development project consisting of 176,000 square feet of space sold this month to a local real estate developer. The site is located in the City of Downey, Los Angeles County. All cash closing! Class A construction and never occupied. The sale price was in the mid to high fifty dollar range per square foot of building area for this asset in foreclosure.
The city of Vernon, CA, purchased two industrial buildings totaling 62,555 square feet in Vernon from Central City Box & Paper for a total of $4 million, or about $64 per square foot. The deal included the vacant facilities at 2716 and 2724 Leonis Blvd. The city plans to hold the properties, which are adjacent to a city-owned power plant, for future development.