Los Angeles, CA – Matthews Real Estate Investment Services™, a commercial real estate investments and technology firm, brokered the record-breaking sale of 11000 Wright Road, located in Lynwood, CA. The $9.85M sale set the record for the highest price per square foot in Lynwood in the 25,000+ square foot size range, at $212 per square foot. The 46,200 square foot space is the largest building sold in Lynwood in the past five years. The transaction was brokered by Associate Austin Borges and Vice President and Senior Director Alexander Harrold.
The sellers, Matthews’ private clients, were looking to sell the property to reallocate capital and diversify their investments. Applying experience and specialized market insight, Matthews™ brokers negotiated favorable terms and structured a short-term sale leaseback for the seller.
“Although the property was being sold vacant, it offered the potential for passive income in the forms of cell tower and billboard leases,” Borges said. “Utilizing our connections and experience, we were able to find a buyer that saw the value in the tangible space and the passive forms of income.”
The buyer, represented by JLL, is an experienced California real estate investor, owning properties near Commerce, CA. The buyer acquired the Lynwood space to facilitate his growing textile business. Overall, the property attracted over 65 tours and 15 offers total.
“As industrial specialists, it’s our goal to always be in tune with the market and communicate with our clients extensively to better their investment decisions,” Harrold said. “This deal was a great example of finding hidden opportunities for profit and strategically presenting them to a qualified buyer which allowed us to reach maximum value for the seller.”
Matthews Real Estate Investment Services™, a commercial real estate investments and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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