LOS ANGELES—Lee & Associates has closed on the sale of a 88,787-sq.-ft.building at 5700 W. 96th St. in Los Angeles. The property sold for $9.3 million.
“Sales of industrial buildings in LAX and the South Bay are picking up as interest rates remain at historic lows and the Small Business Administration (SBA) continues to originate commercial real estate loans for owner/users,” said Jesse A. Laikin, of Lee & Associates’-Long Beach office.
Laikin, along with colleague Albert Pacleb, represented the buyer, 5700-96th Street Group of Cos. LLC, while The Goodglick Co. represented the seller, 5700 West 96th Street LLC.
The industrial building was previously used as a research andfacility by Siemens. It was built in 1952 and then remodeled in the late 80s.