Matthews Real Estate Investment Services represented the seller in the $10,695,000 disposition of 14011 S. Normandie Ave., a vacant industrial property located in Gardena. The sale set a record for size and sale price in Gardena, representing the largest building and the highest price point of an industrial property sold year-to-date.
Associate Austin Borges and SVP and senior director Alexander Harrold handled the transaction. The seller, California-based Marmon Properties, sold the property to complete a 1031 exchange into an NNN investment in Tampa.
“The property had been vacated, presenting our client with an opportunity to exit the California market,” Borges said. “We made sure to select an all-cash buyer and worked the transaction with a proactive approach, which helped us achieve a great price point and close in our client’s desired timeframe.”
The buyer, Classic Components, is a leader in supply chain solutions. The company intends to make Normandie Avenue the new corporate headquarters.
