The Los Angeles Unified School District has agreed to pay $50 million to settle an eminent domain dispute with Meruelo Maddux Properties over 23 acres of land in Cypress Park which is located north of Downtown Los Angeles. The site is commonly referred to as Taylor Yard. Meruelo Maddux originally purchased the site for $31.8 million, snatching it from the claws of the LAUSD.
Here is another example of the misdirected LAUSD board removing more industrial zoned land from the city. They should take residential properties for schools not industrial as industrial properties create the sorely needed jobs for L.A. denizens, especially the lower classes that live in Cypress Park.
The City of Vernon recently acquired the 11 acre Smurfit-Stone (formerly Container Corp) site on 57th Street, after the container manufacturer decided to close the Vernon plant and consolidate operations into other facilities. The City expects to have a contractor demolishing the existing facilities on the site beginning later this month. The City’s Industrial Development staff is currently in discussion with several large manufacturers about future use of the site.
The City has purchased several large land sites over the past several years in order to control the destiny who occupies the sites. The City prefers companies that manufacture, employ more persons than warehousing operations, and that use copious amounts of the power that the City sells. This interference by the government in the free market of real estate deals definitely rubs some people the wrong way.
A 74,050 square food industrial building on Smithway Street in the City of Commerce sold for $11 Million. A 309,300 square foot warehouse was subleased on Washington Blvd. in the City of Commerce for a total consideration of $8.5 Million. 36,000 square feet of warehouse with freezer and cooler was sold for $5.4 M on Slauson Ave. in the City of Vernon.
A 16,570 square foot building was leased to a company that prepares school lunches. The building was located at Alameda and 21st Street, and was formerly occupied by a seafood processing and packaging company which focused on shrimp products. Included in the long term lease was 2 cooler boxes, a 22 foot high freezer, and a large food processing room with washable walls and floor drains. The prior tenant relocated to a seafood building in the South Bay that was approximately 12,000 square feet in size. One broker coordinated the simultaneous transactions and the entire deal spaned several months.
An 18,000 square foot warehouse was leased to a Downtown Los Angeles produce company on Industrial Street. The building included an unusually high number of dock high loading positions for an older building: eleven. The produce company was attracted to the building for its proximity to the produce market ,the fact the building had 3 refrigerated coolers, and there was sufficient yard space to accomodate large 53 foot container trucks.
The following food buildings are available for occupancy lease and/or sale:
Marengo St- Cooler and freezer with dock high loading for a 10,000 SF facility. Forlease.
Main St- USDA food processing facility built in 1999 with 5000 SF freezer, 2500 SF cooler and 5000 SF processing room in 26,000 SF of improvements. Great for poultry, beef, seafood processors.
Anderson St- 11,000 SF building with freezers, coolers and truck high loading.
Industrial St- 23,000 SF building with 6000 SF freezer and 1200 SF cooler and 7 dock high spots.
6th St- 23,000 SF concrete building with 3000 SF cooler and 1100 SF freezer, 16 truck high positions and 22 foot clear.
Alameda St- 15000 SF building with 8000 SF cooler and 4 dock high spots. Great location for produce distribution.
Alameda St- 16000 SF building with 4000 SF of coolers and freezers and processing room. 3 truck high spots.
Spring St- U.S.D.A. federal inspection facility for poultry and meat processing with coolers and freezers. 17000 SF building.
Triangle Dr- 23000 SF building, former commercial bakery with coolers, freezer and processing rooms.
