Lee & Associates, a broker-owned commercial real estate services firm, announced this week that it had closed the sale of 1935-1965 Tubeway Avenue in Los Angeles, California. In the deal, seller Ronald S. Bauer, trustee of the Ronald S. Bauer Living Trust, disposed of the 202,838 square-foot industrial building for $17 million to Ryzman Family Trust. The Ronald S. Bauer Living Trust was represented by Michael Tsaparian of Lee’s Los Angeles – Central office and Tony Karakachian of Prudential California Realty, while Ryzman Family Trust was represented by Jack Cline and Jeff Bethel, also of Lee’s Los Angeles – Central office.
"This off-market deal represents the difficulty in buying large well located properties in the current market," said Cline. "The buyer used 1031 exchange proceeds from a Commerce land sale and closed simultaneously. The closed property sales allowed the buyer to exchange into and the seller to exchange out of simultaneously." According to Cline, the buyer plans to execute a hold strategy on the property for potential use.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment