For Sale: Great industrial concrete warehouse and manufacturing building available for a buyer to purchase. 35,750 square feet of building including roll down security shutters on all windows and 600 amps of 480 volt power. The City of Commerce in recent months passed an ordinance legalizing several types of cannabis operations in the city including cultivation (growing), manufacturing, and distribution. Don’t miss this opportunity. Whether you have applied for a cannabis permit or are simply a real estate investor wishing to lease to the industry, get in before everybody finds out about the recent allowance of marijuana operations in this city. Contact us for a brochure on this property.
In 1929, architects Morgan Walls and Clements (Mayan Theater) built Commerce’s most recognizable landmark, the Assyrian-themed Samson Tire and Rubber Co. factory before being shut down in 1978. The city bought the Samson site for $14 million in 1983. Seven years later, Trammell Crow Co. was brought in to oversee the $118 million redevelopment of the site into an outlet center, as well as the construction of a 201-room Wyndham Garden Hotel next door.
When the partnership defaulted on its ground lease with the city in 1998, Commerce officials took back the center and began marketing it to firms that would double its retail size and make it competitive with newer outlet malls in Southern California.
Craig Realty bought the Citadel Factory Stores from the City of Commerce for $50 million in July 2002, with the condition that his firm would double the size of the retail center of outlet shopping stores. Craig Realty owns factory outlet centers in Cabazon, just outside Palm Springs, and Carlsbad. It also helped develop Camarillo Premium Outlets.
Total 2009 local tax roll or assessed value: over a trillion dollars at $1,108,055,865,679. Commercial Industrial parcels consist of 253,291 parcels of a total parcel count of 2,352,255 with the commercial industrial total assessed value of $328,000,000,000 ($328 billion), or 31% of the total. The City of Los Angeles contains a $413 billion in assessed value for both residential and commercial industrial.
Commercial Industrial Parcel Counts by key industrial cities:
- City of Commerce: 1,400
- Pico Rivera: 1,067
- Vernon: 1,372
- Los Angeles: 66,419
Over the past several years, the City of Commerce has been pushing forward with plans to raze a strip of industrial buildings between The Citadel shopping center and The Commerce Casino. The city’s goal is to replace these warehouse and manufacturing properties with retail development.
Parties that have been involved or have an interest are the following: Costco Wholesale Inc; Nederlander Organization; Majestic Realty; Commerce Hyundai; J.H. Snyder Company; Golden Boy Productions; and Craig Realty. Costco is currently constructing a new 126.432 square foot retail building on a 12 acre site at 6333 Telgraph Road; the 126,432 square foot store will be a business-to-business prototype, serving the needsof community and business residents. The store will feature business supplies, a food court, and a 4-bay gasoline station. This corner location at Telegraph and Washington is the site of the former Firestone building. Here is a preliminary site plan for the project.