Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently brokered the sale of a vacant industrial asset situated at 1309 West Walnut Parkway in Compton, CA, for $9.3M. This property is strategically positioned within Compton’s industrial submarket, located halfway between the ports of Los Angeles and Long Beach and the industrial hub of south downtown. The prime location helped the property record a price per square foot of $232.23. This is the second-highest price per square foot documented within the last year for an industrial property between 20,000 and 100,000 square feet in Compton, CA, according to CoStar. Industrial Associate, Austin Borges, and Vice President and Senior Director, Alexander Harrold, brokered the transaction.
“Through utilizing the Matthews™ proprietary marketing system, we were able to generate 17 offers within the first two weeks,” said Alexander Harrold. “However, due to unforeseen circumstances, we had to take the property off the market, per the seller’s discretion. Eight months later, Matthews™ took the property to market again, this time generating 21 offers. In total, Austin and I toured more than 67 potential buyers.” The seller, a Matthews™ private client, was looking to retire and exit the business. They requested an additional eight months during the process due to a leaseback on the property. Matthews™ agents were able to accommodate these needs and negotiate a fair lease rate on their behalf.
“By maintaining communication with all interested parties, we were able to create a competitive bidding environment,” added Austin Borges. “Alexander and I were able to leverage the offers received, tours performed, and relentless work ethic to expose the deal to top buyers in the market and motivate them to place compelling offers.”
The property attracted both institutional and private capital. The selected buyer initially made an offer when the property was first listed before the seller removed it from the market. The buyer will utilize the 40,046 square foot property for their new corporate headquarters, which is centrally located to their clients.
For more information regarding this sale or if you have any other questions related to industrial property investment sales, please reach out to Alexander Harrold and Austin Borges. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage 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 300 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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