Craig Realty founder Steven Craig and 23880 Madison Street (Credit: Google Maps)
The tally of the five priciest industrial investment sales in May for Los Angeles County represented a sharp drop from the month before.
Carried by a $35 million purchase in Glendale, the top sales combined for just $75 million. That’s a 64 percent drop from the month before, when investors shelled out a combined $207.8 million.
Despite the drastic dip, L.A.’s industrial market has maintained its position as the hottest in the country in terms of overall demand and investment.
May’s list includes two properties in or near Hollywood, but otherwise they are spread from Torrance to Glendale. The Real Deal compiled the list based off property records from PropertyShark, as well as business registration records.
815 S. Maryland Avenue — Dennis Lin | $35.5 million
Dennis Lin with Peninsula Property Holdings purchased an assemblage of properties spanning 143,000 square feet for $35.5 million. The 4.7-acre property is located at 815 S. Maryland Avenue, and it was owned by Byron Z Moldo and UCN Partners. It mostly consisted of automobile shops and parking lots.
940 N. Mansfield Avenue — Chrome Hearts Eyewear | $14.3 million
Chrome Hearts Eyewear, through its entity 940 N Mansfield LLC, purchased a property near Hollywood from a trust that belongs to Albert Sweet and Craig C. Darian. The deal was for $14.3 million. The warehouse and distribution site was built in 1947 and it spans 10,730 square feet. Sweet, founder of Occidental Entertainment Group Holdings, owned the property since 2006, records show. Last year, Chrome Hearts, a fashion retailer, purchased an office building across the street, which Sweet also owned, for $12 million.
5950 Corvette Street — Craig Realty Group | $10.6 million
Craig Realty Group, through its entity FCA Realty LLC, purchased a 49,430-square-foot industrial site in the City of Commerce for $10.6 million. The seller was a trust the belongs to Donna Mellos and Anthony Mellos. The food processing warehouse was built at 5950 Corvette Street in 1989 on a 2.34-acre site. Newport Beach-based Craig Realty develops shopping centers, and recently proposed a megaproject at Citadel Outlets in Commerce, calling for three new hotels, massive retail components, and a new monorail.
23880 Madison Street — Gerald L. Thomas | $7.5 million
Gerald L. Thomas, through his entity Madison Street LLC, purchased a property at 23880 Madison Street in Torrance for $7.48 million. The sellers were Karen G. Rakita, Lisa A Pierson, Eric L. Pierson and Daniel D. Pierson. The building dates to 1979, and is 28,650 square feet, on a 1.3-acre site.
6309 Eleanor Avenue — Bernard Huberman | $7.3 million
Ben Kitay sold the only property on the list that is located in an Opportunity Zone, which means long-term investors can take advantage of tax breaks. The buyer was Bernard Huberman through his entity Napa Vista Tolucay LLC, for a price of $7.3 million. The property is located just off Vine Street at 6309 Eleanor Avenue in Hollywood. It was built in 1955 and includes 9,100 square feet. It was last purchased almost 19 years ago for $2.5 million.
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