Karney sells off four industrial properties in Commerce
Sales set "record market prices” for industrial sites in the city, says Cushman & Wakefield agent
Karney Properties has sold off four neighboring industrial properties in Commerce for around $20 million.
Culver City-based Karney sold the four properties, which total 120,331 square feet, individually to various warehousing companies, according to Annie Canada, a spokesperson at Cushman & Wakefield, which represented Karney in the sales. They are at 2216-2336 Garfield Avenue.
Property records show that one property, 2240 Garfield Avenue, was purchased by an LLC that appears to be linked to Exquisite Rugs, an L.A.-based rugmaker.
Each warehouse has access to rail transport and major roadways, including Interstate 5 and Interstate 710. Two of the properties total around 40,000 square feet and the others have between 19,000 and 22,000 square feet.
Cushman & Wakefield said that each property could be leased to multiple tenants and that the sales “set record market prices for unimproved industrial properties” in Commerce.
Cushman agents Tim Wallace, David Hess, Mike Foley, Ryan Bos, and Chuck Berger represented Karney in the sale.
Commerce has seen a number of large trades this year, including Rexford Industrial Realty’s $121 million purchase of a 36-acre distribution center.
Dedeaux Properties divvied up and sold off a new construction industrial business park to local buyers in July.