A free-standing industrial building in Norwalk, California, that most recently housed a hockey equipment distribution firm, has been sold to a foam molding manufacturer in a transaction valued at $2.75 million, Colliers International has reported.
Totaling 34,500 square feet and located in a prime industrial section of the greater Los Angeles basin, the building was owned by the Madjzoub Family Trust and was represented in the sale by Colliers Vice President Chuck Wilson, who is based in the firm’s Irvine offices. Jason Vargas of Daum Commercial represented the buyer, Foam Express Inc., which is moving from Santa Fe Springs.
“With demand for small- to mid-sized manufacturing facilities like this reaching levels not seen since before the recession, coupled with an absolute lack of development during the recession, buildings in this size range and this close-in are just difficult to find,” said Wilson. “There are many mid-sized manufacturers who want to be close to all of the freeways, harbors and airports, but many just cannot find the right building so they have to settle further and further outside the L.A. basin.”
Located at 14016 Gracebee St., the concrete tilt-up building, which was constructed in 2005, features the types of warehousing and distribution needs manufacturers require, which include ground-level loading door and possible truck wells, Wilson noted.
Additionally, the building is centrally located with direct access to Interstate 5 and the San Gabriel River (605) and Riverside (91) freeways. The building features skylights, has fire sprinklers throughout and provides access to heavy electrical power. In addition to its industrial uses, the building also features three private offices for administrative purposes.