L.A. industrial sells after decontamination

Buyer plans partial demolition, redevelopment

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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 yo...