Los Angeles, Calif. (August 2, 2017) – A 58,859 square foot industrial property, located at 621 & 701 East 7th Street, 650 & 655 Crocker, and 649 Towne in Los Angeles, California has sold for $10.6 million. The buyer, Towne Industry, LLC, was represented in the transaction by Kidder Mathews commercial real estate brokers Jon Reno, SIOR, CCIM, William Morrison, SIOR, and Tom Williams.
“The property is located in a transitioning neighborhood where there is still plenty of upside for redevelopment,” said Jon Reno, senior vice president and managing partner in Kidder Mathew”s Commerce office. “This transaction is a good indicator of the strong demand for older, industrial properties in the downtown Los Angeles market,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 46 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit www.kiddermathews.com.