Boyle Heights-based Towne Industry has purchased a 58,859-square-foot industrial property in downtown Los Angeles from the Liss Family Trust for $10.6 million, or $180 a square foot, commercial real estate brokerage Kidder Mathews announced.
The primary occupant of the building will be French Fabric Inc., which is replacing furniture manufacturer West Coast Industries, said Jon Reno, a broker at Kidder Mathews. The Seattle-based firm represented the buyer in the deal, which was brokered by Reno, William Morrison and Tom Williams.
The property is located at 621 and 701 E. 7th St., 650 and 655 Crocker St. and 649 Towne St.
“The property is located in a transitioning neighborhood where there is still plenty of upside for redevelopment,” Reno said in a statement. “This transaction is a good indicator of the strong demand for older, industrial properties in the downtown Los Angeles market.”
Reporter Natalie Hoberman can be reached at firstname.lastname@example.org. Follow her on Twitter @hobermannatalie.
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