Industrial

LOS ANGELES – Local developer Izek Shomof has acquired a 1.8-million-square-foot building in Los Angeles that previously served as a Sears mail-order distribution center for $29 million. The Art Deco building is located at the intersection of Olympic Boulevard and Soto Street in the Boyle Heights neighborhood. The property still contains a 185,000-square-foot Sears retail store on the ground floor, though the majority of space has been vacant since the early ‘90s. Sears closed its distribution component in 1992. The 23-acre site features a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store. The buyer plans to redevelop the building into a mix of creative office space and leasable residential units. It also intends to develop the retail space on the site’s outlying parcels. The building was completed in 1927 and is listed on the National Register of Historic Places. The seller was MJW Investments. The transaction was executed by Jeff Adkison, Brendan McArthur and Paul Sablock of Jones Lang LaSalle.

LOS ANGELES – Local developer Izek Shomof has acquired a 1.8-million-square-foot building in Los Angeles that previously served as a Sears mail-order distribution center for $29 million. The Art Deco building is located at the intersection of Olympic Boulevard and Soto Street in the Boyle Heights neighborhood. The property still contains a 185,000-square-foot Sears retail store on the ground floor, though the majority of space has been vacant since the early ‘90s. Sears closed its distribution component in 1992. The 23-acre site features a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store. The buyer plans to redevelop the building into a mix of creative office space and leasable residential units. It also intends to develop the retail space on the site’s outlying parcels. The building was completed in 1927 and is listed on the National Register of Historic Places. The seller was MJW Investments. The transaction was executed by Jeff Adkison, Brendan McArthur and Paul Sablock of Jones Lang LaSalle.

REDMOND, WASH. – A 210,321-square-foot FedEx industrial property in Redmond has received $39 million in acquisition financing. The ground distribution facility is the largest industrial building in Redmond. It is leased to a subsidiary of FedEx Corporation. The loan boasts a 20-year term, a 20-year amortization schedule and a sub-4 percent interest rate. It was provided by State Farm Life Insurance. Financing was arranged by Mike Wood of NBS Financial Services.