Alere Property Group purchased the building, located at 4433 Pacific Blvd., from a private investor.
DAUM Commercial Real Estate Services represented the buyer and the seller in the transaction.
“An available property of 4433 Pacific Boulevard’s size and quality is a rare find in west Vernon, a highly desirable industrial submarket due to its proximity to Downtown Los Angeles and access to the region’s freeway network,” Jerry Sackler, executive vice president at DAUM Commercial Real Estate Services, said in a statement. “Alere moved quickly to acquire the asset, which is occupied by a strong credit tenant and provides immediate cashflow.”
The warehouse was built in 2005. Its features include 8,800 square feet of mezzanine office space, five dock-high doors and a fenced yard.
“Alere owns several assets in Vernon, and the qualities of 4433 Pacific Boulevard fit well into our portfolio of well-located, best-in-class assets that are easily accessible to the ports,” Alan Carmichael, senior vice president of investments at Alere, said in a statement.
“With a strong knowledge of the highly-competitive Commerce-Vernon submarket, our team was eager to invest in this top-tier asset, and we are grateful to the DAUM team for its swift work in helping us get the deal done,” he added.
Alere has 47 industrial assets with 4.1 million square feet in L.A. County.
The property at 4433 Pacific Blvd. isn’t the only Vernon industrial asset to sell lately.
Manufacturing property Fruitland Business Park sold earlier this year for $24.5 million. Iris Basic USA purchased the asset from Marquee Brands. The 68,049-square-foot site is at 2701 to 2711 and 2761 Fruitland Ave. It was vacant at the time of the sale, previously serving as home to high-end women’s retailer BCBG Max Azria Group.
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