The seller had multiple offers on the property, according to Chris Migliori of Daum Commercial Real Estate Services.
Migliori, who represented the seller, says the mutiple offers are a sign of the continuing demand for small industrial buildings among owner-users.
Matrix principal Larry Larkin will move his general contracting business from the San Gabriel Valley, Migliori says, and the new owner plans to renovate the single-story block buildings.
Brokers say low interest rates are one of the chief factors driving the demand, prompting many industrial firms to conclude that they can buy buildings for monthly mortgage payments that are about the same as or lower than rent payments.
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