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Jade Enterprises sells South LA warehouse
The South LA site sold to an investment lender
A prolific commercial landlord said goodbye to an industrial warehouse in South L.A.
Development firm Jade Enterprises sold its industrial warehouse at 661 E. 62nd Street in South Los Angeles for $9.92 million, or $127 per square foot.
Local investor Empyrean Funding & Management purchased the 78,336-square-foot, three-building site. The company owns 10 multifamily apartment complexes scattered around the intersection of South La Brea Avenue and Martin Luther King Jr. Boulevard in Baldwin Village, according to RCA data.
This marks the first industrial property for the Brentwood-based buyer, which now owns $47 million of properties.
Jade Enterprises purchased the 3.22-acre site on November 2015 for $5 million, property records show.
Jade, run by the Taban family, has been one of Downtown’s major commercial landlords, but began moving towards investing in residential projects last year, with projects like the 154-apartment “Emerald,” 410-uniot “Onyx” in South Park and 379-unit mixed-use complex in the Fashion District. Most notably, the company purchased five office buildings from Blackstone in the Westside for $158.5 million in 2016.