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$4M Buys 125,000 SF, 5 Acres

LOS ANGELES-An importer of antique furniture now owns the former Bimbo Bakery, a 125,000-sf industrial building on a five-acre parcel of land.

By Bob Howard | Updated on August 13, 2003

LOS ANGELES-An importer of antique furniture has purchased the 125,000-sf former Bimbo Bakery at 1801 Blake Ave. for $4 million and gets a five-acre land parcel as part of the deal, according to Bradford Broyles of the Downtown Los Angeles office of Grubb & Ellis.

Broyles tells GlobeSt.com that a furniture importer, acquired the property after a 16-month escrow during which prices for industrial properties rose significantly above the $4 million that the buyer paid. Broyles, who represented the buyer, says that after some improvements to the facility, the company will operate the space as a warehouse and distribution center. While the sale was being negotiated, Broyles notes, “We had multiple backup offers at prices higher than the closing price, but the buyer was already under contract to acquire the property for $4 million.”

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