Karney Properties Co., a Brentwood-based real estate firm, has sold four industrial buildings totaling roughly 120,000 square feet in Commerce for more than $20 million.
The four properties, which encompass an entire city block are located at:
• 2216 Garfield Ave. – 22,200 square feet; purchased by the H.S. Industrial Garfield, a Westside-based limited liability company represented in the deal by Savills Studley.
• 2240 Garfield Ave. – 39,200 square feet; purchased by Orient Express, a Weststide-based LLC represented by Colliers International
• 2300 Garfield Ave. – 40,100 square feet; purchased by 2300 Garfield, a Koreatown-based LLC represented by City Commercial Properties
• 2336 Garfield Ave. – 18,800 square feet; purchased by Joseph and Ceci, a Vernon-based LLC represented by Magic Properties
Tim Wallace, David Hess, Mike Foley, Ryan Bos, and Chuck Berger at Cushman & Wakefield represented Karney Properties.
The properties were part of a reverse 1031 exchange and set record market prices for unimproved industrial prices in the Commerce submarket, according to Cushman & Wakefield.
Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.
