Merchandising company Max Sales Group acquired its future headquarters in the City of Industry, one of the hottest industrial areas in Los Angeles.
The now Commerce-based firm paid Art Weiss Industrial Properties $11.5 million — around $180 per square foot — for the 64,000-square-foot property, according to the Los Angeles Business Journal. The building at 15240-15250 Nelson Avenue dates to 1979, L.A. County records show.
Max Sales plans to make the space its new headquarters and to move in by October. The company is trading up from a 48,000-square-foot building it leases in Commerce.
Nearly all of the City of Industry is zoned for industrial and warehousing space and not surprisingly, it’s one of the hottest markets for those properties in the L.A. area.
Earlier this week, Chinese transportation firm Soho Logistics signed a seven-year, $11.2 million lease for 168,900 square feet there.
South El Monte-based Art Weiss has owned the Nelson Avenue building for at least a decade. The company currently has properties in El Monte and Baldwin Park for lease, according to listings on Loopnet.
Max Sales Group is a merchandising and sourcing company that provides mostly Chinese-made consumer goods like coffee mugs, pool floats, and electric razor sets to retailers. The company has logistics and shipping services.
In the last 10 months, City of Industry saw Port Logistics Group sign a 1.5-million-square-foot lease extension on Rowland Street and wholesaler Sun Hing Foods pay $20.5 million for a 5.4-acre development site on Chestnut Street. [LABJ] — Dennis Lynch