Grubb & Ellis Co. arranged the sale of a 280,000-square-foot industrial building in Redondo Beach, Calif.
The transaction was valued at $22.8 million.
San Francisco-based AMB Property Corp. purchased the property from Redondo Property Holdings LLC.
AMB plans to convert the facility into a state-of-the-art air and ocean logistics center, which will be known as Spinnaker Logistics Center.
The single-story, concrete tilt-up building, which is located at 4000 Redondo Beach Ave., previously housed the headquarters and manufacturing operations for Douglas Furniture. As part of the conversion into a logistics center, AMB is dividing the building and adding 40 dock high positions. Work has already begun on the project with completion slated for the first quarter of 2005.
AMB Property Corp. is an owner and operator of industrial real estate.
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