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.


***


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
Use code JULY4 at checkout & save $50 on your Connect Now Bundle!Get the deal×