LOS ANGELES — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, represented the seller in the $10,695,000 disposition of 14011 S. Normandie Avenue, Gardena, CA, a vacant industrial property located in the South Bay of the Los Angeles metro. The sale set a record for size and sale price in Gardena, representing the largest building and the highest price point of an industrial property sold year-to-date. Matthews™ Associate Austin Borges and Senior Vice President and Senior Director Alexander Harrold handled the transaction.

 

The single-tenant property featured approximately 37,072 square feet on 1.63 acres. The seller, California-based Marmon Properties, sold the property to complete a 1031 exchange into an NNN investment in Tampa, FL. Agents achieved a quick and efficient deal process, closing in four months.

 

“The property had been vacated, presenting our client with an opportunity to exit the California market,” Borges said. “We made sure to select an all-cash buyer and worked the transaction with a proactive approach, which helped us achieve a great price point and close in our client’s desired timeframe.”

 

The buyer, Classic Components, is a leader in supply chain solutions. The company intends to make Normandie Avenue the new corporate headquarters.

 

“The buyer received a ready-to-use warehouse in a severely supply-strained market,” Harrold said. “We worked with both parties to deliver the property in a way that was compatible with the buyer’s business. This hands-on approach is one of the driving reasons why Matthews™ is leading the Gardena market in industrial sales volume currently.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.