The seller was a joint venture of the Washington, D.C.-based Carlyle Group and Chicago-based First Industrial Realty Trust, broker Britt Shuford of Leonard & Ohren tells GlobeSt.com. Shuford, who represented the seller, says the move is an expansion from about 25,000 sf in Gardena, where Morretti was renting space.

The seller had owned the building, which was built in 1978, for about three years. Shuford says the $64 per sf purchase price was "toward the upper end" of the market for industrial buildings in the area, where the range for comparable properties is running about $60 to $66 per sf. He notes the sellers also had offers from three other prospective buyers who were trading out of apartment properties and were interested in the building as an investment.

The buyer was represented by Rudy Lara and Mel Mastricola of Daum Commercial Real Estate.