One of the largest industrial parcels to hit the L.A. market in 20 years a 47-acre site just north of The Citadel retail outlet in Commerce has been put up for sale by the Pacific Tube Co.

The property currently contains 15 structures, out of which Pacific Tubes had operated for 60 years prior to closing earlier this year.

Dave Hess, a director with Cushman & Wakefield of California Inc. who is marketing the property, said all but a few of the buildings are functionally obsolete, and all would likely be demolished to clear the way for redevelopment.

Hess declined to specify the price he expects to get from the closed-bid sale, but sources familiar with the Mid-Cities market said the land could be worth $10 to $15 per foot. That would translate to a sale price of as much as $30 million.

The property is unlikely to go to a single buyer, however, Hess said. It is being is marketed as three parcels of 12, 16 and 19 acres.

Justin McCarthy, Commerce’s director of community development, said the property would complement the city’s plans to expand The Citadel and, ultimately, develop the 40 acres between The Citadel and Commerce Club Casino.

With its long tradition of industrial development, and a significant amount of existing and proposed retail projects, Commerce has no intention of restricting the amount of industrial development activity, as is the case in some other Mid-Cities communities, McCarthy said.

“I think our approach would be a little different,” McCarthy said. “I would not favor heavy distribution, but we do like a smaller, higher (value) industrial product that would attract small to mid-sized businesses that might like to own their own building.”

Those types of businesses tend to form a stable economic base, McCarthy said.

The city has no intention of bidding on the property itself, but has discussed partnering with private parties that do plan to bid.