Lee & Associates Closes $16.2 Million City of Industry Industrial Sale

PRLog (Press Release) - Nov. 21, 2012 - Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $16.2 million industrial sale in the City of Industry.

Senior Vice President Adam Dzierzynski of Lee’s Industry office represented the buyer, Sun Hing Foods, an ethnic food wholesaler and distributor that develops and distributes ethnic-food products for grocers, supermarkets, bakeries and food services in North America. Senior Vice President Jeff Huberman, also of Lee’s Industry office, represented the seller, PSIP Prism Industry LLC, a joint venture between Prism Realty Corporation, an investment and development firm based in Costa Mesa, Calif. and Penwood Real Estate Investment Management, LLC, a financial investment advisory firm based out of Hartford, Conn.

“This property greatly appealed to the buyer because of the central City of Industry location, heavy power and ample yard area with fantastic cross dock loading,” said Dzierzynski.  

Built in 1969, the 216,048-square-foot property is located at 14505 Proctor Avenue. The building was originally purchased by PSIP Prism Industry LLC as a leased investment that they rehabilitated and renovated to cater to a user occupant.  “Given the 6.43 percent overall vacancy rates in the San Gabriel Valley, coupled with an even more constrained supply of property for sale in the City of Industry, the seller did an excellent job positioning the asset to meet the inefficiencies of the market,” said Huberman.  

Eric Eklund, senior vice president of Prism Realty noted, “This property was consistent with our strategy of adding value to well located in-fill Southern California industrial properties through repositioning, rehabilitation, development, leasing and sales.”

Photo:
http://www.prlog.org/12028344/1