CBRE has successfully sold a 7.05-acre industrial redevelopment site located at 1925 and 1936 E. Vernon Ave in the business-friendly city of Vernon, California. The property, currently occupied by a five-story building spanning over 368,500 square feet, was acquired by an undisclosed buyer for $61.5 million.
The seller, The Alavern Company, was represented by CBRE’s Barbara Perrier , Eric Cox , Jeff Stephens , Jack Mergenthaler and John Hillman . On the other hand,the buyer was represented by Jack Cline , Evan Jurgensen and Andy Gage from Lee & Associates.
According to Ms.Perrier,”This site is strategically situated in the City of Vernon which offers numerous benefits such as no building height restrictions,a streamlined approval process for plans and projects,fiber connectivity,and affordable power rates,making it an ideal location for redevelopment.”
Conveniently located less than two miles away from I-10 freeway,this property also provides easy access to other major freeways including I-5,I-110,I-710,and I-105.Its close proximity to Ports of Los Angeles & Long Beach as well as being just sixteen miles away from Los Angeles International Airport make it highly desirable for businesses looking to establish their presence in this area.
In summary,CBRE’s successful sale of this prime industrial site highlights its expertise in facilitating strategic real estate transactions that benefit both buyers and sellers alike.The transaction also showcases how properties with attractive features,such as those offered by this particular location,could fetch premium prices on today’s market.
