After wrestling with environmental issues for two years, Masco Corp. has finally sold the 871,024-square-foot industrial property located at 825 S. Ajax Ave., in Industry, Calif., for more than $15 million.

Private investment company 82A Developments LLC purchased the facility.

"The property had significant environmental complexities to overcome before 82A Developments would agree to the purchase," said Craig Phillips of Lee & Associates, the brokerage that handled the sale. "The property’s prior occupant, Ajax Hardware, caused significant contamination that needed to be cleared up before the transaction could be finalized. In two years time, the land was finally characterized in order to facilitate the deal on behalf of both parties."

82A Developments plans to demolish one of the existing structures, which is approximately 10,000 square feet, and redevelop the land into an industrial park that will include small units for lease.


***


What’s your opinion? Leave your comments below or send a
letter to the editor.


Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription