COMMERCE, CA—Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $17 million sale of a 202,838-square-foot industrial building.
The seller, Ronald S. Bauer, trustee of 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 the buyer, 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. Built in 1965 and remodeled in 1994, the building is located at 1935-1965 Tubeway Ave. within close proximity to the freeways.