Southern California-based Raleigh Enterprises purchased two industrial properties totaling 195,500 square feet of space in the Los Angeles area for just under $17.1 million.
According to brokerage Colliers International’s announcement Monday, in the first transaction, Raleigh completed the purchase option of its 112,000-square-foot leased facility at 5945 Malt Ave., in the city of Commerce, for $9.2 million.
Raleigh acquired the property from Chalmers Equity Group (CEG), an industrial development firm. CEG developed 5945 Malt Ave. as a build-to-suit for Raleigh’s File Keepers LLC division in 2005.
In a second transaction, Raleigh acquired an 83,500-square-foot industrial building at 12800 Foothill Blvd. in Sylmar, from Pacific Charter Schools (PCS) for $7.85 million.
According to a press statement, PCS originally bought the site for a new charter school. However, during construction to convert the property from a warehouse into a school, it became evident that the City of Los Angeles would not allow the rezoning necessary to change the use, and PCS decided it was best to dispose of the asset.
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