LOS ANGELES-An 88,787-square-foot industrial property at 5700 W. 96th St. has been sold for $9.3 million.
The buyer was 5700-96th Street Group of Cos. LLC, represented by Lee & Associates. The Goodglick Co. represented the seller, 5700 West 96th Street LLC. The property was built in 1952 and remodeled in 1987. The new owners allegedly plan to run a commercial parking operation in the building.
“Sales of industrial buildings at LAX and in the South Bay are picking up,” said a statement from Jesse Laikin, a principal based at Lee & Associates' Los Angeles-Long Beach office. He represented the buyer along with Lee's Albert Pacleb.
The property was previously used by Siemens as a research and development facility. It is located in the Los Angeles Enterprise Zone, a city designation that offers tax deductions and credits to business owners who move into the area. Lee & Associates has 48 locations across the nation.
As reported earlier by GlobeSt.com, Lee & Associates also brokered an $11.3 million sale for a 94,250-square-foot industrial property in Orange County.
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