Pioneer bought the 58,750-sf building at 3325 Garfield Ave. from Denver-based Northstar Commercial Partners through GFC Garfield Associates LLC. Northstar was represented by Cushman & Wakefield's John Minervini, David Hess, Erik Larson and Robin Dodson. Dwight Hotchkiss of Cushman & Wakefield, along with Kenneth Chan of K&L Properties, represented the buyer.
The property attracted a number of offers, reflecting the continued demand for medium sized industrial properties in Southern California, the brokers said.
Pioneer Industries will use the site to warehouse and distribute shower and plumbing materials. Pioneer currently owns an existing warehouse on the western edge of downtown Los Angeles, according to Hotchkiss.
The Commerce facility located at 3325 Garfield Avenue served as Benjamin Moore's Southern California plant for more than 20 years before the New Jersey-based company moved it to Pomona earlier this year. Northstar acquired the 50-year-old building in July as part of a 500,000-sf real estate portfolio from Benjamin Moore.
According to Cushman & Wakefield statistics, the overall vacancy rate for the 281 million-sf Los Angeles Central industrial market stood at 5.8% percent at the end of the third quarter and sales remain strong, especially for small to mid-sized buildings. Hotchkiss says the diversity of businesses within the market is driving demand, along with low interest rates that make buying a building affordable for owner-users.
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