Iris Basic USA purchased the 268,049-square-foot site from Marquee Brands.
Lee & Associates’ Peter Bacci and Jack Cline represented the buyer and the seller in the transaction.
The property, located at 2701 to 2711 and 2761 Fruitland Ave., was vacant at the time of the sale, according to CoStar Group Inc. It was formerly home to high-end women’s retailer BCBG Max Azria Group.
The company defaulted on $34.6 million in loans on three warehouses in Vernon in 2017, according to The Real Deal. That included Fruitland Business Park.
Industrial has fared well during the Covid-19 pandemic as more people turn to online shopping, expecting fast delivery times.
Asking rents for industrial properties in Central L.A. during the fourth quarter averaged $1.02 a square foot on a triple net basis, up 15 cents in a year, according to data from Jones Lang LaSalle Inc.
There have been several big transactions in the Vernon market in the past year.
Last summer, China-based ecommerce company US Elogistics Service Corp. signed a 232,000-square-foot industrial lease in the city, one of the largest industrial leases in the county last year.
Also last year, Santa Monica-based Dedeaux Properties and Ledo Capital Group sold the Vernon Avenue Logistics Center for nearly $15 million. The recently completed center is a 46,422-square-foot cold storage facility in Vernon.
Rexford Industrial Realty Inc. purchased a six-building industrial portfolio in Vernon for $93.8 million. It sits on nearly 21 acres, and the buildings total roughly 464,000 square feet.
In addition, real estate giant Brookfield Properties purchased a three property portfolio, including two buildings in Vernon, for a combined $87 million.
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